The IEA delivered its report on Thursday and says it expects non-OPEC supply to grow by 1.6 million barrels a day in 2018
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As OPEC tightens part of the market and strengthens prices, some US producers see this as a good time to increase domestic production.
The OPEC president and Saudi Arabian energy minister Khalid Al-Falih was upbeat as he delivered the news
In early trading on Friday, Brent crude was holding above US$61 with WTI above US$55 a barrel
The oil price is experiencing its strongest price in two years with many analysts predicting further strengthening by the end of the year.
In early trading on Friday, Brent crude was priced above US$60 with WTI trading above US$54 a barrel.
The last time Brent Crude was at this level was in early July 2015
The commodity market has been trading well in recent weeks, above its 50-day average and despite a stronger dollar.
The International Energy Agency lowered its forecast for global for oil demand for next year in its October monthly report
Brent crude was changing hands at US$56.50 per barrel in London on Wednesday afternoon.
The market can’t blame investors for wanting to cash in with a bit of profit taking
It was a steady week for the oil market after momentum had been building in the wake of Hurricane harvey
OPEC ministers met on Friday and must have been cheered by the resilience of the oil price
The IEA says it expects oil demand for the full year to grow by 1.6 million barrels a day and for 2018, it expects a growth of 1.4 million barrels a day.
In early trading Friday, Brent crude was priced above US$52 with WTI holding around US$47 a barrel.
It is expected that oil demand will continue to increase at a healthy pace.