India, Sept. 11 -- European markets closed on a firm note on Friday as oil prices fell sharply on International Energy Agency's downward revision in global oil demand forecast for the year and prospects of Gulf foreign ministers securing support from their Iranian counterpart for a temporary arrangement to manage shipping through the Strait of Hormuz.
The IEA now expects world oil demand to drop by 2.5 million barrels per day this year, compared to its previous forecast of a 1.6 million bpd decline. The agency expects oil supply to decline by 5.7 million bpd this year.
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