Oil prices rise on expectation of output cut extension

Posted May 08, 2017

Brent crude was up 40 cents at $49.50 a barrel by 0930 GMT.

OPEC members agreed in November to cut production by 1.2 million barrels per day for six months beginning from the start of the year in a bid to shore up prices.

OPEC and other major producers including Russian Federation agreed to cut production by 1.8 million barrels a day in the first half of the year in an attempt to drain large global stocks.

The current deal took the best part of a year to cobble together.

USA oil stockpile data are monitored every week closely for proof that OPEC supply cuts are ending excessively abundant supply of Crude Oil, but rising domestic output indicates US may be the last place to feel the cuts.

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The price of crude stabilised early on Monday after Saudi Arabia's oil minister said he is "confident" that leading oil producers will agree to extend an output cut into the second half of 2017.

Oil prices slipped on Monday, reversing gains made earlier in the session as evidence of rising USA drilling offset news that OPEC and other producers may extend their production cuts.

U.S. West Texas Intermediate (WTI) crude oil futures were trading at $46.87 per barrel, up 65 cents, or 1.4 percent from the last close.

Meanwhile Russia has said it supported extending the deal.

USA drilling continued to pick up last week, with the rig count climbing by 6 to 703. Ministers will meet again in Vienna on 25 May to make the final decision on any extension.

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Since a low point in May 2016, US producers have added 387 oil rigs, or about 123 per cent, Goldman Sachs said.

Many analysts now see USA crude output heading towards 10 million bpd over the next year or so.

"It's all about inventories and US shale versus OPEC", Sayed said.

"If OPEC announces a production cut, the surprise leads to an upward adjustment in prices".

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