Oil Edges Further Above $80 But Weaker Demand View Weighs

Oct 12 13:10 2018 Print This Article

Oil edged further above $80/bbl on Oct. 12 as a rally in equities lent support, though prices pared most of their gain after a closely watched forecaster deemed supply adequate and the outlook for demand weakening.

Crude was still heading for its first weekly drop in five weeks, pressured by a big rise in U.S. inventories and fading concerns for now that looming U.S. sanctions on Iran will cut supplies significantly.

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