The International Energy Agency (IEA) doesn't expect oil prices to rise significantly because demand is slowing and there is a glut in global crude markets, its executive director said on Friday. SEE MORE Australia's Treasurer Josh Frydenberg has urged the U.S. and China to resolve their trade differences, which are clearly starting to weigh on the global economy. SEE MORE Australia's output of iron ore is on pace for the first decline in two decades, driven by the Chinese slowdown and a run of bad luck at home, and this decrease threatens to end the country's record economic expansion. SEE MORE Oil edged lower on Thursday, unable to shake off the downbeat mood of the last two days in response to a sharp rise in U.S. stockpiles of products such as gasoline, pointing to weak demand during the summer driving season in the United States. SEE MORE Americans burned through a lot less gasoline and diesel fuel than expected last week, feeding into investor angst over oil demand. SEE MORE