OIL PRICE: ABOVE $57
REUTERS - Oil prices inched higher on Friday supported by expectations of more OPEC production cuts despite the International Energy Agency (IEA) reporting demand growth at its lowest level since the financial crisis of 2008.
Brent crude futures were at $57.80 a barrel by 0854 GMT, up 42 cents from their previous settlement.
West Texas Intermediate (WTI) futures were at $52.80 per barrel, up 26 cents.
The IEA said global oil demand in the first half of 2019 grew at its slowest pace since 2008 hurt by mounting signs of an economic slowdown and a ramping up of the U.S.-China trade war.
Oil prices have lost more than 20% from peaks reached in April, putting them in bear territory.
The Organization of the Petroleum Exporting Countries, Russia and other producers, an alliance known as OPEC+, agreed in July to extend their supply cuts until March 2020 to boost oil prices.
Saudi Arabia, de facto leader of the OPEC, plans to maintain its crude oil exports below 7 million barrels per day in August and September to bring the market back to balance and help absorb global oil inventories, a Saudi oil official said on Wednesday.
The United Arab Emirates also will continue to support actions to balance the oil market, energy minister Suhail al-Mazrouei said in a tweet on Thursday.
The minister said the OPEC and non-OPEC ministerial monitoring committee would meet in Abu Dhabi on Sept. 12 to review the oil market.
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