OPEC compliance with oil production cut agreement equals 121% in September

Oil prices: IEA, OPEC weigh in with forecasts

West Texas Intermediate Crude was trading up 0.31 per cent at $71.19, down more than $3 per barrel from last Friday.

Elsewhere, U.S. crude inventories rose by 6 million barrels last week, the Energy Information Administration said, more than double analysts' expectations of a 2.6 million-barrel increase.

The price of global benchmark Brent crude has slid over $45 a barrel in June 2017 and peaked at over $85 in October.

USA light crude dropped $1.42, or 1.9 percent, to $71.75 after hitting a low of $71.63.

As prices fall, President Donald Trump doubled down on countries like India and China, who have indicated they might defy sanctions against buying Iranian crude oil, which go into effect November 4.

Brent is still heading for a 3.6 percent decline this week, the biggest drop in about four months. While OPEC's Secretary-General Mohammad Barkindo tried to reassure markets that supplies are sufficient, he neglected to specify how much extra output OPEC intends to pump, an omission that's undermining efforts to calm prices. Even China has seen the first year-on-year production growth in almost three years in response to higher prices. Commodities were hit by the USA stock sell-off this week as risk aversion spread through global markets.

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Members of the Organization of the Petroleum Exporting Countries (OPEC) and other oil-producing allies such as Russian Federation agreed in June to raise oil output.

"For oil, it's important to look at the fundamental side because the recent decline is due to the risk-off sentiment across markets", Min Byungkyu, a Seoul-based global market strategist at Yuanta Securities Co., said by phone.

Oil prices steadied on Friday after a market rout driven by sharp falls in equity markets and indications that supply concerns have been overblown, but were still on track for a fall or more than 4 percent for the week.

"The long oil trade is way too overcrowded and these markets tend to overshoot their supply demand dynamics", said Phil Streible, senior market strategist at RJ O'Brien Associates. The contract lost 2.4 percent in the previous session. Analysts had expected crude inventories to increase by 2.6 million barrels.

In fact, production has surged, led by the U.S. shale revolution, and supported by big increases in Brazil, Canada and elsewhere, according to the IEA.

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