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1st LD Writethru: Oil prices stabilize after prior day's surge

Xinhua, July 11, 2015 Adjust font size:

Oil prices steadied Friday following prior day's jump boosted by a recovery in Chinese stocks.

Global oil demand growth slowed even as the Organization of Petroleum Exporting Countries (OPEC) output hit a three-year high, according to International Energy Agency (IEA) July Oil Market Report released Friday.

Global oil demand growth is forecast to slow to 1.2 million barrels per day (mb/d) in 2016, from an average 1.4 mb/d this year, though strong consumption is expected in non-OECD Asia.

World oil supply surged by 550,000 barrels per day to 96.6 mb/d in June, on higher output from both OPEC and non-OPEC producers.

OPEC crude supply rose by 340,000 barrels per day in June to 31. 7 mb/d, a three-year high, led by record high output from Iraq, Saudi Arabia and the United Arab Emirates, according to IEA report.

Traders are closely eyeing the progress of negotiation between world powers and oil producer Iran to curb its nuclear ambitions.

The West Texas Intermediate for August delivery moved down 4 cents to settle at 52.74 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery added 12 cents to close at 58.73 dollars a barrel on the London ICE Future Exchange. Endite