WASHINGTON (dpa-AFX) - Oil prices slipped toward $60 a barrel on Friday after the IEA's warning of a looming supply glut.
Benchmark Brent crude slid 0.2 percent to $60.26 a barrel, with hopes of progress in the U.S.-China trade dispute helping to limit the downside. U.S. West Texas Intermediate futures were little changed at $55.06.
A growing surplus in the oil market next year will push prices lower, the International Energy Agency (IEA) said in its monthly outlook on Thursday.
U.S. expansion coupled with big gains from Norway and Brazil will boost non-OPEC supply growth in 2020 to 2.3 million barrels a day from 1.9 million barrels a day this year, the IEA said while keeping its 2019 and 2020 global oil demand growth forecasts unchanged.
Earlier this week, OPEC cut its forecast for growth in world oil demand in 2020 and indicated the market would be in surplus.
Meanwhile, investors were disappointed that OPEC and its allies didn't discuss deepening agreed-upon supply curbs at their meeting in Abu Dhabi, though they urged members to implement promised cuts.
On the trade front, U.S. President Donald Trump said he would think about an interim deal with China but would prefer a full agreement as the world's two largest economies look to end a widening trade war.
Copyright RTT News/dpa-AFX
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