10/12/2018, 5:13 PM (Source:
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Brent erases gains, trades below $81 after IEA report

International benchmark Brent erased almost all of its gains from earlier in the session, trading below $81 per barrel on Friday as investors digested the International Energy Agency (IEA) monthly report released earlier in the day. According to the agency, it saw that the surge in oil prices will result in lower demand growth than was earlier expected.

Meanwhile, the American benchmark was also lower than earlier in the session but continued to trade in the green as investment incentives remained high as the stock markets rebounded after a two-day selloff on Wall Street.

Brent for December delivery gained 0.17%, changing hands for $80.35 per barrel at 5:00 pm CET while West Texas Intermediate for November delivery added 0.62% to trade for $71.41 per barrel.

Breaking the News / VK