Commodity - Oil turns lower as weaker demand outlook weighs.

Byline: S. Kamal Hayder Kazmi

Oil prices gave back early gains and turned lower on Friday after the International Energy Agency (IEA) deemed supply adequate and the outlook for demand weakening, sinking even as equities rebounded from a slump Thursday.

The West's energy watchdog said in its monthly report that the market looked "adequately supplied for now" and trimmed its forecasts for world oil demand growth this year and next.

Brent crude fell 56 cents a barrel to $79.70, after dropping 3.4 percent on Thursday. US crude futures fell 2 cents to $70.95.

Both benchmarks were headed for their first weekly drop in five...

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