Oil prices edge down amid IEA's oil market report

NEW YORK, March 15 (Xinhua) -- Oil prices dipped on Friday, as the International Energy Agency (IEA) said Friday that it expected to see a modest supply surplus in the global Oil market in the first quarter of 2019 (1Q19).

"On the basis of solid Oil demand growth, modest declines in OPEC production due to Iran and Venezuela, and rising U.S. output, the market could show a modest surplus in 1Q19, before flipping into deficit in 2Q19 by about 0.5 mb/d (million barrels per day)," the IEA said in its latest Oil market report.

The IEA also stressed the importance of production cuts of major Oil producers, which "have increased the spare capacity cushion."

"This is especially important now as economic sentiment is becoming more pessimistic and the global economy could be entering a vulnerable period," the agency said.

The West Texas Intermediate for April delivery fell 0.09 U.S. dollar to settle at 58.52 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery decreased 0.07 dollar to close at 67.16 dollars a barrel on the London ICE Futures Exchange.