West Texas Intermediate for October delivery climbed $1.71 to end the session at $69.25 a barrel on the Nymex, the highest level in a week.
"In addition, there is a risk to growth from an escalation of trade disputes", the IEA said.
The West Texas Intermediate (WTI) for October delivery jumped 1.71 US dollars to settle at 69.25 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery added 1.69 dollars to 79.06 dollars a barrel on the London ICE Futures Exchange.
The report provides further indication of the rapid oil demand that helped OPEC and allies get rid of a supply glut will moderate in 2019.
In August, rising output in Libya, Iraq, Nigeria and Saudi Arabia offset declines in Iran, which is about to face new US sanctions that are already hurting Iranian exports, and in Venezuela.
"If Venezuelan and Iranian exports do continue to fall, markets could tighten and oil prices could rise without offsetting production increases from elsewhere", the Paris-based EA said in its monthly report.
"Iran is increasingly becoming the preoccupation of the crude market".
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Regarding crude oil production, the EIA said on Tuesday it expected US output to rise by 840,000 barrels per day (bpd) between 2018 and 2019 to 11.5 million bpd, lower than a rise of 1.02 million bpd to 11.7 million that was previously forecast.
SINGAPORE, Sept 13 (Reuters) - Oil prices fell on Thursday, reversing some of the strong gains from the previous session, as economic concerns raised doubts about ongoing fuel demand growth.
No matter sturdy production and supply, oil markets are tightening, which device that a disruption in any most important producer could per chance result in a enviornment fabric affect on prices.
Oil traded below $70 a barrel as investors assessed the outlook for an oil supply shortage with Iran sanctions set to kick in against whether Opec can fill in the gap by raising output. Notably, the increased revenues were reported despite the United States' announcement in May that it would sanction those purchasing Iranian oil starting in early November, with the ultimate goal of reducing Iranian oil sales to zero in order to place pressure on the Iranian government.
"We can see that the pricing situation today depends not just on the supply/demand balance or the general economic situation but also on the uncertainty that we observe today in the global markets: the trade wars, the sanctions that the USA pursues", Novak told CNBC.
The U.S. Energy Information Administration (EIA) on Tuesday cut its forecast for U.S. crude output growth in 2019, while leaving 2018 production and demand growth forecasts unchanged.
That month Russian Federation produced 11.247 million bpd, a post-Soviet Union record-high.