ANKARA 

Oil prices were steady on Friday, with demand uncertainty set against increased global oil output.

International benchmark Brent crude traded at $99.74 per barrel at 10.30 a.m. local time (0730 GMT) for a 0.14% increase from the closing price of $99.60 a barrel in the previous trading session.

American benchmark West Texas Intermediate (WTI) was at $94.35 per barrel at the same time for a 0.01% rise after the previous session closed at $94.34 a barrel.

Opposing demand forecasts from the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) ensured price volatility.

The OPEC group forecasts lower global oil demand on Thursday with a slight revision to demand estimates for 2022 to average 100.03 million barrels per day (bpd).

Meanwhile, the IEA revised up its global oil demand growth estimates by 380,000 bpd for 2022.

On the supply side, both OPEC and the IEA agree that output rose in July.

OPEC said global oil production increased by around 1.7 million bpd in July compared to the previous month to average 100.5 million bpd, whereas the IEA said the global oil supply in July increased to the highest level since January 2020.

Experts predict that price volatility will continue with a widening gap in demand and supply.