Oil futures gained nearly 2% on Friday as comments from a top U.S. official rais...
NEW YORK - Oil futures gained nearly 2% on Friday as comments from a top U.S. official raised optimism for a U.S.-China trade deal, but worries about increasing crude supplies capped prices.
A monthly report from the International Energy Agency weighed on prices, after it estimated that non-OPEC supply growth would surge to 2.3 million barrels per day next year compared with 1.8 million bpd in 2019, citing production from the United States, Brazil, Norway and Guyana. The Organization of the Petroleum Exporting Countries said demand for its crude would average 29.58 million bpd next year, 1.12 million bpd less than in 2019, pointing to a 2020 surplus of about 70,000 bpd.
However, rising U.S. output and competition from production in Brazil, Norway and Guyana next year has been squeezing profits for U.S. shale producers, which plan another spending freeze in 2020 and a slowdown in production growth.
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