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Crude oil corrects after failing to sustain above $71/bbl


NYMEX crude trades in a narrow range above $68 per barrel Friday and is set to end the week with a modest gain. Crude rose as high as $71.26 per barrel earlier this week but failed to sustain at higher levels and corrected.

Crude came off the highs on demand concerns and higher supply. The International Energy Agency on Thursday warned that although the oil market was tightening at the moment and world oil demand would reach 100 million barrels per day (bpd) in the next three months, global economic risks were mounting.

A possible risk lies in some key emerging economies, partly due to currency depreciations versus the U.S. dollar, raising the cost of imported energy.

IEA also said that the global oil supply reached 100 million barrels a day for the first time ever, boosted by rising production in the U.S. and several OPEC nations

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