Petrol prices in national capital continued to witness a slump on Thursday with petrol and diesel now being sold at Rs 75.57 per litre and Rs 78.37 per litre, respectively.

Compared to Wednesday, petrol and diesel prices witnessed a decrease of 40 paise and 60 paise.

In the financial capital Mumbai, petrol prices slipped to Rs 81.10 per litre, a decrease by 40 paise, while diesel saw a fall of Rs 57 paise and is now being reailed at Rs 74.34.

The rates of the fuel across India have been slashing due to the fall in the prices of crude oil.

The United States recently softened its stand on Iran's sanctions and given nod to eight oil countries to continue to import oil from Tehran temporarily. The list includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates and Taiwan.

Meanwhile, global crude oil price also dipped on Thursday.&nbsp;

Benchmark Brent had fallen 10 cents to $63.32 a barrel by 1447 GMT, partially recovering from a more than $1 drop in early European trading. US WTI fell more than a $1 before easing back to trade down 28 cents at $54.35.

Petrol prices in national capital continued to witness a slump on Thursday with petrol and diesel now being sold at Rs 75.57 per litre and Rs 78.37 per litre, respectively.

Petrol prices in national capital continued to witness a slump on Thursday with petrol and diesel now being sold at Rs 75.57 per litre and Rs 78.37 per litre, respectively. Compared to Wednesday, petrol and diesel prices witnessed a decrease of 40 paise and 60 paise. In the financial capital Mumbai, petrol prices slipped to Rs 81.10 per litre, a decrease by 40 paise, while diesel saw a fall of Rs 57 paise and is now being reailed at Rs 74.34. The rates of the fuel across India have been slashing due to the fall in the prices of crude oil. The United States recently softened its stand on Iran's sanctions and given nod to eight oil countries to continue to import oil from Tehran temporarily. The list includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates and Taiwan. Meanwhile, global crude oil price also dipped on Thursday. Benchmark Brent had fallen 10 cents to $63.32 a barrel by 1447 GMT, partially recovering from a more than $1 drop in early European trading. US WTI fell more than a $1 before easing back to trade down 28 cents at $54.35.

Fuel prices continue to fall: Petrol at 75.57 per litre in Delhi

Oil ended slightly firmer after volatile trading on Friday, supported by expectations that the Organisation of the Petroleum Exporting Countries would agree to cut output next month, though prices fell for the sixth straight week amid global oversupply concerns.

OPEC kingpin Saudi Arabia is keen for the major producers to cut output by about 1.4 million barrels per day, around 1.5 per cent of global supply, to support the market, sources told Reuters this week. But other producers, including Russia, have been reluctant to agree to a cut.

Brent settled up 14 cents, or 0.2 per cent, at $66.76 a barrel. The global benchmark fell 4.6 per cent in the week, the sixth consecutive decline.

US&nbsp;crude&nbsp;settled unchanged at $56.46 a barrel after trading between $55.89 and $57.96. The contract, which had its steepest one-day loss in more than three years on Tuesday, fell 5.6 per cent in the week, also its sixth straight weekly decline.

After Tuesday's sharp fall, the market was due for a slight correction, and was now stabilizing, said Tariq Zahir, managing member at Tyche Capital Advisors in New York.

"A relief rally was in the cards," said Bob Yawger, director of energy futures at Mizuho in New York. OPEC is likely to be spurred to action as US&nbsp;production continues to climb, he said.

Still, the day's gains were likely to be limited as traders were cautious going into the weekend, he said. "It would take a brave soul to go home really long this weekend considering the slaughter we've had in the past eight weeks."

OPEC ministers meet on December 6 in Vienna to decide on production policy for the next six months amid a growing surplus in world markets.

US&nbsp;crude production&nbsp;reached another record last week, at 11.7 million barrels per day, government data showed. The record output contributed to the biggest weekly build in US&nbsp;crude stockpiles in nearly two years.

US&nbsp;drillers added two oil rigs this week, bringing the total count to 888, still the highest level since March 2015, General Electric Co's&nbsp;Baker Hughes energy services firm said in its closely followed report.&nbsp;The rig count is seen as an indicator of future production growth.

The United States imposed sanctions on Iranian oil exports this month and Iranian crude exports have fallen sharply in recent months, although Washington cushioned the blow by granting some temporary exemptions.

Other oil producers have more than compensated for the lost Iranian oil and most analysts now see a significant supply surplus with inventories building, putting pressure on prices.

Fearing a repeat of the 2014 price rout, OPEC is widely expected to start trimming output soon.

This could produce a swift price rebound, some analysts say, especially if production falls further in Venezuela and Libya.

"We are likely from December onwards to have at least 1 million barrels per day (bpd) less of (Iranian) crude exports," Harry Tchilinguirian, global head of commodity markets strategy at BNP Paribas, told Reuters Global Oil Forum.

Tchilinguirian said he would not be surprised if Brent recovered to $80 this year.

Also supporting prices, Iraq resumed exporting oil from its northern Kirkuk oilfields on Friday, pumping 50,000-100,000 bpd, an oil ministry spokesman said. Some analysts had expected the volumes to be much higher, at closer to 300,000 bpd.

Hedge funds and other money managers cut their bullish wagers on U.S. crude futures and options in New York and London during the week ended Nov. 13 by 8,259 contracts to 165,121, the lowest since June 27, 2017, the U.S. Commodity Futures Trading Commission (CFTC) said.

Brent speculators on the Intercontinental Exchange (ICE) cut net longs by 45,216 contracts to 214,832 in the week, also the lowest since June 27, 2017.

Oil ended slightly firmer after volatile trading on Friday, supported by expectations that the Organisation of the Petroleum Exporting Countries would agree to cut output next month, though prices fell for the sixth straight week amid global oversupply concerns.

Oil ended slightly firmer after volatile trading on Friday, supported by expectations that the Organisation of the Petroleum Exporting Countries would agree to cut output next month, though prices fell for the sixth straight week amid global oversupply concerns. OPEC kingpin Saudi Arabia is keen for the major producers to cut output by about 1.4 million barrels per day, around 1.5 per cent of global supply, to support the market, sources told Reuters this week. But other producers, including Russia, have been reluctant to agree to a cut. Brent settled up 14 cents, or 0.2 per cent, at $66.76 a barrel. The global benchmark fell 4.6 per cent in the week, the sixth consecutive decline. US crude settled unchanged at $56.46 a barrel after trading between $55.89 and $57.96. The contract, which had its steepest one-day loss in more than three years on Tuesday, fell 5.6 per cent in the week, also its sixth straight weekly decline. After Tuesday's sharp fall, the market was due for a slight correction, and was now stabilizing, said Tariq Zahir, managing member at Tyche Capital Advisors in New York. "A relief rally was in the cards," said Bob Yawger, director of energy futures at Mizuho in New York. OPEC is likely to be spurred to action as US production continues to climb, he said. Still, the day's gains were likely to be limited as traders were cautious going into the weekend, he said. "It would take a brave soul to go home really long this weekend considering the slaughter we've had in the past eight weeks." OPEC ministers meet on December 6 in Vienna to decide on production policy for the next six months amid a growing surplus in world markets. US crude production reached another record last week, at 11.7 million barrels per day, government data showed. The record output contributed to the biggest weekly build in US crude stockpiles in nearly two years. US drillers added two oil rigs this week, bringing the total count to 888, still the highest level since March 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report. The rig count is seen as an indicator of future production growth. The United States imposed sanctions on Iranian oil exports this month and Iranian crude exports have fallen sharply in recent months, although Washington cushioned the blow by granting some temporary exemptions. Other oil producers have more than compensated for the lost Iranian oil and most analysts now see a significant supply surplus with inventories building, putting pressure on prices. Fearing a repeat of the 2014 price rout, OPEC is widely expected to start trimming output soon. This could produce a swift price rebound, some analysts say, especially if production falls further in Venezuela and Libya. "We are likely from December onwards to have at least 1 million barrels per day (bpd) less of (Iranian) crude exports," Harry Tchilinguirian, global head of commodity markets strategy at BNP Paribas, told Reuters Global Oil Forum. Tchilinguirian said he would not be surprised if Brent recovered to $80 this year. Also supporting prices, Iraq resumed exporting oil from its northern Kirkuk oilfields on Friday, pumping 50,000-100,000 bpd, an oil ministry spokesman said. Some analysts had expected the volumes to be much higher, at closer to 300,000 bpd. Hedge funds and other money managers cut their bullish wagers on U.S. crude futures and options in New York and London during the week ended Nov. 13 by 8,259 contracts to 165,121, the lowest since June 27, 2017, the U.S. Commodity Futures Trading Commission (CFTC) said. Brent speculators on the Intercontinental Exchange (ICE) cut net longs by 45,216 contracts to 214,832 in the week, also the lowest since June 27, 2017.

Oil edges up in volatile session but falls for sixth straight week

The <a href="http://www.wionews.com/business-economy/petrol-diesel-prices-dip-further-for-6th-straight-day-176957">fuel prices continued to decline</a> on Thursday with price&nbsp;of petrol reaching Rs 77.28 per litre in Delhi,&nbsp;0.15 paise lower from Wednesday.

In Mumbai, petrol is being sold at Rs 82.20 per litre after a decrease of 0.14 paise.

Meanwhile, diesel is available at Rs 72.09 per litre in national capital, 0.12 paise lower than Wednesday&nbsp;while in Mumbai,&nbsp;diesel is being retailed at Rs 75.53 per litre following a decrease of 0.11 paise. &nbsp;

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Petrol and diesel prices in <a href="https://twitter.com/hashtag/Delhi?src=hash&amp;ref_src=twsrc%5Etfw">#Delhi</a> today are Rs 77.28 per litre (decrease by Rs 0.15) and Rs 72.09 per litre (decrease by Rs 0.10), respectively. Petrol and diesel prices in <a href="https://twitter.com/hashtag/Mumbai?src=hash&amp;ref_src=twsrc%5Etfw">#Mumbai</a> are Rs 82.80 per litre (decrease by Rs 0.14) and Rs 75.53 (decrease by Rs 0.11), respectively. <a href="https://t.co/32YaYizUCK">pic.twitter.com/32YaYizUCK</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1062869637933776901?ref_src=twsrc%5Etfw">November 15, 2018</a></blockquote>
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The <a href="http://www.wionews.com/business-economy/rupee-bonds-surge-on-lower-oil-prices-rbi-bond-buy-announcement-177227">fuel prices</a> in the country have witnessed a relentless hike since the past few months in the country, burning a hole in the commuter's pocket.

In a bid to ease the crunch caused by soaring fuel prices, finance minister Arun Jaitley on October 2 announced a reduction of Rs 2.50 per litre on both petrol and diesel prices.

Petrol price has been cut by more than Rs 5.35 per litre and diesel by Rs 3.71 in the last 30 days in Mumbai.

As per the daily dynamic pricing regime, domestic fuel prices depend on international fuel prices on a 15-day average, besides the value of the rupee.

The downward revision also comes on the back of multiple factors such as lower international crude oil cost and a recovery in the rupee against the US dollar.

Global oil prices recorded 12 straight days of losses on Tuesday and the steepest one-day loss in more than three years to recover by one per cent on Thursday. Brent crude settled up 65 cents, or 1 per cent, at $66.12 a barrel, after hitting a session high of $67.63.

US crude futures rose 56 cents, or 1.01 per cent, to settle at $56.25 a barrel, after sliding for 12 straight sessions to the lowest since November 2017. Last month, <a href="http://www.wionews.com/business-economy/asia-stocks-shaken-by-plunge-in-crude-oil-growth-worries-177178">crude prices</a> had reached over $80 a barrel but have since cooled to below $70 a barrel. 
&nbsp;

The fuel prices continued to decline on Thursday with price of petrol reaching Rs 77.28 per litre in Delhi, 0.15 paise lower from Wednesday. In Mumbai, petrol is being sold at Rs 82.

The fuel prices continued to decline on Thursday with price of petrol reaching Rs 77.28 per litre in Delhi, 0.15 paise lower from Wednesday. In Mumbai, petrol is being sold at Rs 82.20 per litre after a decrease of 0.14 paise. Meanwhile, diesel is available at Rs 72.09 per litre in national capital, 0.12 paise lower than Wednesday while in Mumbai, diesel is being retailed at Rs 75.53 per litre following a decrease of 0.11 paise. Petrol and diesel prices in #Delhi today are Rs 77.28 per litre (decrease by Rs 0.15) and Rs 72.09 per litre (decrease by Rs 0.10), respectively. Petrol and diesel prices in #Mumbai are Rs 82.80 per litre (decrease by Rs 0.14) and Rs 75.53 (decrease by Rs 0.11), respectively. pic.twitter.com/32YaYizUCK — ANI (@ANI) November 15, 2018 × The fuel prices in the country have witnessed a relentless hike since the past few months in the country, burning a hole in the commuter's pocket. In a bid to ease the crunch caused by soaring fuel prices, finance minister Arun Jaitley on October 2 announced a reduction of Rs 2.50 per litre on both petrol and diesel prices. Petrol price has been cut by more than Rs 5.35 per litre and diesel by Rs 3.71 in the last 30 days in Mumbai. As per the daily dynamic pricing regime, domestic fuel prices depend on international fuel prices on a 15-day average, besides the value of the rupee. The downward revision also comes on the back of multiple factors such as lower international crude oil cost and a recovery in the rupee against the US dollar. Global oil prices recorded 12 straight days of losses on Tuesday and the steepest one-day loss in more than three years to recover by one per cent on Thursday. Brent crude settled up 65 cents, or 1 per cent, at $66.12 a barrel, after hitting a session high of $67.63. US crude futures rose 56 cents, or 1.01 per cent, to settle at $56.25 a barrel, after sliding for 12 straight sessions to the lowest since November 2017. Last month, crude prices had reached over $80 a barrel but have since cooled to below $70 a barrel.

Fuel prices drop in Delhi, Mumbai as global prices continue downward spiral

Oil rose about 1 per cent on Wednesday, recouping some of the <a href="http://www.wionews.com/world/oil-markets-struggle-to-find-footing-after-seven-per-cent-slump-177187">previous session's heavy sell-off</a>, on growing prospects that the Organization of the Petroleum Exporting Countries and allied producers would cut output at a meeting next month to prop up prices.

After a record 12 straight days of losses and the steepest one-day loss in more than three years, the oil market reversed course after Reuters reported that OPEC and its partners were discussing a proposal to cut output by up to 1.4 million barrels per day (bpd), more than officials had mentioned previously.

Brent crude settled up 65 cents, or 1 per cent, at $66.12 a barrel, after hitting a session high of $67.63.

US crude futures rose 56 cents, or 1.01 per cent, to settle at $56.25 a barrel, after sliding for 12 straight sessions to the lowest since November 2017.

Prices pared gains in a post-settlement trade as the American Petroleum Institute said crude inventories rose by 8.8 million barrels in the week to November 9 to 440.7 million, compared with analysts' expectations for an increase of 3.2 million barrels.

Oil markets are being pressured by surging supply from OPEC, Russia, the United States and other producers and worries that a global economic slowdown could cut into energy demand.

This has pushed the price of global benchmark Brent down more than 20 per cent since early October, one of the biggest declines since a price collapse in 2014.

"The market has cratered over the last few weeks and the pop today is related to the chatter that producers could cut up to 1.4 million bpd in 2019," said Gene McGillian, vice president of market research for Tradition Energy in Stamford, Connecticut.

"Maybe some of the fears of extra supplies and reduced demand have finally been priced into the market, but I wouldn't say that a bottom has set in yet."

As oil has crashed from its October high, natural gas futures soared as much as 56 per cent during that time to a 4-1/2 year high. Oil's latest sell-off was exacerbated as traders unwound long oil-short natural gas trades, market participants said.

The relative strength index (RSI) for both Brent and U.S. crude remained below 30, a technical level often regarded as signalling a market that has fallen too far.

Financial firms hedging the risk incurred by selling put options to oil producers generated added downward pressure when prices fell toward option strikes, Goldman Sachs said in a note.

"This market is attempting to find a price bottom following an unprecedented 12 consecutive days of decline," Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.

"Although the supply surplus is still relatively modest, the market is focusing on the dynamic of expansion in the overhang that will need to show signs of reversal before a price bottom can be established."

In its monthly report, the Paris-based International Energy Agency (IEA) said the implied stock build for the first half of 2019 is 2 million bpd.

The IEA left its forecast for global demand growth for 2018 and 2019 unchanged from last month, but cut its forecast for non-OECD demand growth, the engine of expansion in world consumption.

US crude output from its seven major shale basins was expected to hit a record 7.94 million bpd in December, the U.S. Energy Information Administration (EIA) said on Tuesday.

The surge in onshore output has helped overall US crude production hit a record 11.6 million bpd, making the United States the world's biggest oil producer ahead of Russia and Saudi Arabia.

Most analysts expect US output to climb above 12 million bpd in the first half of 2019.

The rise in US production is contributing to higher stockpiles. Storage data from the US government is due on Thursday.&nbsp;

Oil rose about 1 per cent on Wednesday, recouping some of the previous session's heavy sell-off, on growing prospects that the Organization of the Petroleum Exporting Countries and allied producers would cut output at a meeting next month to prop up prices.

Oil rose about 1 per cent on Wednesday, recouping some of the previous session's heavy sell-off, on growing prospects that the Organization of the Petroleum Exporting Countries and allied producers would cut output at a meeting next month to prop up prices. After a record 12 straight days of losses and the steepest one-day loss in more than three years, the oil market reversed course after Reuters reported that OPEC and its partners were discussing a proposal to cut output by up to 1.4 million barrels per day (bpd), more than officials had mentioned previously. Brent crude settled up 65 cents, or 1 per cent, at $66.12 a barrel, after hitting a session high of $67.63. US crude futures rose 56 cents, or 1.01 per cent, to settle at $56.25 a barrel, after sliding for 12 straight sessions to the lowest since November 2017. Prices pared gains in a post-settlement trade as the American Petroleum Institute said crude inventories rose by 8.8 million barrels in the week to November 9 to 440.7 million, compared with analysts' expectations for an increase of 3.2 million barrels. Oil markets are being pressured by surging supply from OPEC, Russia, the United States and other producers and worries that a global economic slowdown could cut into energy demand. This has pushed the price of global benchmark Brent down more than 20 per cent since early October, one of the biggest declines since a price collapse in 2014. "The market has cratered over the last few weeks and the pop today is related to the chatter that producers could cut up to 1.4 million bpd in 2019," said Gene McGillian, vice president of market research for Tradition Energy in Stamford, Connecticut. "Maybe some of the fears of extra supplies and reduced demand have finally been priced into the market, but I wouldn't say that a bottom has set in yet." As oil has crashed from its October high, natural gas futures soared as much as 56 per cent during that time to a 4-1/2 year high. Oil's latest sell-off was exacerbated as traders unwound long oil-short natural gas trades, market participants said. The relative strength index (RSI) for both Brent and U.S. crude remained below 30, a technical level often regarded as signalling a market that has fallen too far. Financial firms hedging the risk incurred by selling put options to oil producers generated added downward pressure when prices fell toward option strikes, Goldman Sachs said in a note. "This market is attempting to find a price bottom following an unprecedented 12 consecutive days of decline," Jim Ritterbusch, president of Ritterbusch and Associates, said in a note. "Although the supply surplus is still relatively modest, the market is focusing on the dynamic of expansion in the overhang that will need to show signs of reversal before a price bottom can be established." In its monthly report, the Paris-based International Energy Agency (IEA) said the implied stock build for the first half of 2019 is 2 million bpd. The IEA left its forecast for global demand growth for 2018 and 2019 unchanged from last month, but cut its forecast for non-OECD demand growth, the engine of expansion in world consumption. US crude output from its seven major shale basins was expected to hit a record 7.94 million bpd in December, the U.S. Energy Information Administration (EIA) said on Tuesday. The surge in onshore output has helped overall US crude production hit a record 11.6 million bpd, making the United States the world's biggest oil producer ahead of Russia and Saudi Arabia. Most analysts expect US output to climb above 12 million bpd in the first half of 2019. The rise in US production is contributing to higher stockpiles. Storage data from the US government is due on Thursday.

Oil rebounds from steep sell-off as OPEC, partners discuss supply cut

Major oil producers meet in Abu Dhabi on Sunday to consider reverting to output cuts after a sharp slide in crude prices revived fears of a 2014-style crash.

Oil prices shed a fifth of their value in just one month after surging to a four-year high in early October, driven by a combination of factors centred on higher supply and fears of sluggish demand.

Brent crude dropped below $70 a barrel on Friday for the first time since April while the New York's West Texas Intermediate (WTI) sank below $60 a barrel, a nine-month low.

The United States has upped production of shale oil, while Saudi Arabia, Russia and others have raised supplies of crude amid signs of slowing demand.

The slide also comes during signs of a softer-than-expected impact from US sanctions on Iran oil exports.

"Prices have been falling amid a continued rise in crude supplies from big producers, such as Saudi Arabia, Russia and the US, more than compensating for lost Iranian barrels," Forex.com analyst Fawad Razaqzada told AFP.

"With the Iranian sanctions not being as severe as initially feared, officials from the OPEC and non-OPEC producers may discuss at the weekend the need to bring compliance back down towards the 100-per cent level or risk another 2014-style slide in prices," he said.

Energy ministers of top producers Russia and Saudi Arabia will join other OPEC and non-OPEC officials for the meeting of the Joint Ministerial Monitoring Committee, which oversees production levels.

The world's second and third crude producers -- after they were overtaken by the United States thanks to shale oil -- Russia and Saudi Arabia are the core of an alliance of producer nations that succeeded in solidifying oil prices after the 2014 crash.

Through large production cuts starting at the beginning of 2017, they managed to push up oil prices from below $30 a barrel to over $85 a barrel in October, strongly improving their revenues.

But the producer nations eased the output cuts in June after signs of a tight market and higher prices, allowing hundreds of thousands of extra barrels into the market.

Saudi Arabia raised its production from around 9.9 million barrels per day in May to around 10.7 million bpd in October, according to Energy Minister Khalid al-Falih.

Kuwait, Iraq, Russia and the United Arab Emirates also boosted their output.&nbsp;

Cailin Birch, analyst at the Economist Intelligence Unit, said a slowing oil demand is beginning to appear in China, the world's largest importer of crude oil.&nbsp;

"The recent drop in oil prices reflects a combination of factors. For one, signs of slowing oil demand are beginning to appear; the rate of GDP growth in China is beginning to ease," Birch told AFP.&nbsp;

The meeting, which will also be attended by the oil ministers of Kuwait, Venezuela and host nation the UAE, is not due to make decisions but will most likely send signals.

The JMMC, a technical committee, is expected to make important recommendations on production cuts to a key ministerial meeting in Vienna next month for the OPEC and non-OPEC producers.

Commerzbank, Germany's second-largest lender, said Friday oil producers must act to prevent a free fall of prices.

"If they fail to signal any intention to reverse the latest increase in production, oil prices threaten to slide further," the bank said in a note.

Major oil producers meet in Abu Dhabi on Sunday to consider reverting to output cuts after a sharp slide in crude prices revived fears of a 2014-style crash. Oil prices shed a fifth of their value in just one month after surging to a four-year high in early October, driven by a combination of factors centred on higher supply and fears of sluggish demand.

Major oil producers meet in Abu Dhabi on Sunday to consider reverting to output cuts after a sharp slide in crude prices revived fears of a 2014-style crash. Oil prices shed a fifth of their value in just one month after surging to a four-year high in early October, driven by a combination of factors centred on higher supply and fears of sluggish demand. Brent crude dropped below $70 a barrel on Friday for the first time since April while the New York's West Texas Intermediate (WTI) sank below $60 a barrel, a nine-month low. The United States has upped production of shale oil, while Saudi Arabia, Russia and others have raised supplies of crude amid signs of slowing demand. The slide also comes during signs of a softer-than-expected impact from US sanctions on Iran oil exports. "Prices have been falling amid a continued rise in crude supplies from big producers, such as Saudi Arabia, Russia and the US, more than compensating for lost Iranian barrels," Forex.com analyst Fawad Razaqzada told AFP. "With the Iranian sanctions not being as severe as initially feared, officials from the OPEC and non-OPEC producers may discuss at the weekend the need to bring compliance back down towards the 100-per cent level or risk another 2014-style slide in prices," he said. Energy ministers of top producers Russia and Saudi Arabia will join other OPEC and non-OPEC officials for the meeting of the Joint Ministerial Monitoring Committee, which oversees production levels. The world's second and third crude producers -- after they were overtaken by the United States thanks to shale oil -- Russia and Saudi Arabia are the core of an alliance of producer nations that succeeded in solidifying oil prices after the 2014 crash. Through large production cuts starting at the beginning of 2017, they managed to push up oil prices from below $30 a barrel to over $85 a barrel in October, strongly improving their revenues. But the producer nations eased the output cuts in June after signs of a tight market and higher prices, allowing hundreds of thousands of extra barrels into the market. Saudi Arabia raised its production from around 9.9 million barrels per day in May to around 10.7 million bpd in October, according to Energy Minister Khalid al-Falih. Kuwait, Iraq, Russia and the United Arab Emirates also boosted their output. Cailin Birch, analyst at the Economist Intelligence Unit, said a slowing oil demand is beginning to appear in China, the world's largest importer of crude oil. "The recent drop in oil prices reflects a combination of factors. For one, signs of slowing oil demand are beginning to appear; the rate of GDP growth in China is beginning to ease," Birch told AFP. The meeting, which will also be attended by the oil ministers of Kuwait, Venezuela and host nation the UAE, is not due to make decisions but will most likely send signals. The JMMC, a technical committee, is expected to make important recommendations on production cuts to a key ministerial meeting in Vienna next month for the OPEC and non-OPEC producers. Commerzbank, Germany's second-largest lender, said Friday oil producers must act to prevent a free fall of prices. "If they fail to signal any intention to reverse the latest increase in production, oil prices threaten to slide further," the bank said in a note.

Major oil producers to consider cuts after price slide

Prime Minister Narendra Modi will Monday brainstorm with chief executives of top global and Indian oil and gas companies on emerging energy scenario, with ripples from US sanctions on Iran and volatile oil prices threatening growth.

The third annual meeting would also deliberate on ways to revive investment in oil and gas exploration and production, official sources said.

Modi's first meeting was on January 5, 2016 where suggestions for reforming natural gas prices were made. More than a year later, the government allowed higher natural gas price for yet-to-be-produced fields in difficult areas like deep sea.

In the last edition in October 2017, suggestions were made for giving out equity to foreign and private companies in producing oil and gas fields of state-owned ONGC and OIL. But the plan could not go through in view of strong opposition from Oil and Natural Gas Corp (ONGC).

Sources said Saudi Oil Minister Khalid A Al Falih, BP CEO Bob Dudley, Total head Patrick Fouyane, Reliance Industries Chairman Mukesh Ambani and Vedanta chief Anil Agarwal are expected to attend the meeting Monday.

The meeting, coordinated by the NITI Aayog, is likely to focus on challenges posed by volatile oil prices and the US sanctions on Iran.

The meeting would look at measures to attract investments and steps for making it easier to do business in India.

Sources said reforms initiated in the last four years in the oil and gas sector, including open acreage policy, pricing reforms and liberalised licensing policy, will be showcased and suggestions would be sought on what more can be done to hasten growth.

The government is looking at private investment to raise domestic oil and gas production, which has stagnated for the last few years while fuel demand has been rising by 5-6 per cent annually. India is dependent on imports to meet 83 per cent of its demand and more than half of its natural gas requirements.

The Prime Minister in 2015 had set a target of reducing India's oil dependence by 10 per cent to 67 per cent (based on import dependence of 77 per cent in 2014-15) by 2022. Import dependence has only increased since then and the government is now looking for ways to raise domestic output.

Organization of the Petroleum Exporting Countries (OPEC) Secretary General Mohammed Barkindo and India's Oil Minister Dharmendra Pradhan would also attend the meeting, they said.

Also likely to attend the meeting are ONGC Chairman and Managing Director Shashi Shanker, Indian Oil Corporation (IOC) Chairman Sanjiv Singh, GAIL India head B C

Tripathi, Hindustan Petroleum Corp Ltd (HPCL) Chairman Mukesh Kumar Suran, Oil India Chairman Utpal Bora and Bharat Petroleum Corp Ltd (BPCL) Chairman D Rajkumar.

Prime Minister Narendra Modi will Monday brainstorm with chief executives of top global and Indian oil and gas companies on emerging energy scenario, with ripples from US sanctions on Iran and volatile oil prices threatening growth.

Prime Minister Narendra Modi will Monday brainstorm with chief executives of top global and Indian oil and gas companies on emerging energy scenario, with ripples from US sanctions on Iran and volatile oil prices threatening growth. The third annual meeting would also deliberate on ways to revive investment in oil and gas exploration and production, official sources said. Modi's first meeting was on January 5, 2016 where suggestions for reforming natural gas prices were made. More than a year later, the government allowed higher natural gas price for yet-to-be-produced fields in difficult areas like deep sea. In the last edition in October 2017, suggestions were made for giving out equity to foreign and private companies in producing oil and gas fields of state-owned ONGC and OIL. But the plan could not go through in view of strong opposition from Oil and Natural Gas Corp (ONGC). Sources said Saudi Oil Minister Khalid A Al Falih, BP CEO Bob Dudley, Total head Patrick Fouyane, Reliance Industries Chairman Mukesh Ambani and Vedanta chief Anil Agarwal are expected to attend the meeting Monday. The meeting, coordinated by the NITI Aayog, is likely to focus on challenges posed by volatile oil prices and the US sanctions on Iran. The meeting would look at measures to attract investments and steps for making it easier to do business in India. Sources said reforms initiated in the last four years in the oil and gas sector, including open acreage policy, pricing reforms and liberalised licensing policy, will be showcased and suggestions would be sought on what more can be done to hasten growth. The government is looking at private investment to raise domestic oil and gas production, which has stagnated for the last few years while fuel demand has been rising by 5-6 per cent annually. India is dependent on imports to meet 83 per cent of its demand and more than half of its natural gas requirements. The Prime Minister in 2015 had set a target of reducing India's oil dependence by 10 per cent to 67 per cent (based on import dependence of 77 per cent in 2014-15) by 2022. Import dependence has only increased since then and the government is now looking for ways to raise domestic output. Organization of the Petroleum Exporting Countries (OPEC) Secretary General Mohammed Barkindo and India's Oil Minister Dharmendra Pradhan would also attend the meeting, they said. Also likely to attend the meeting are ONGC Chairman and Managing Director Shashi Shanker, Indian Oil Corporation (IOC) Chairman Sanjiv Singh, GAIL India head B C Tripathi, Hindustan Petroleum Corp Ltd (HPCL) Chairman Mukesh Kumar Suran, Oil India Chairman Utpal Bora and Bharat Petroleum Corp Ltd (BPCL) Chairman D Rajkumar.

PM Narendra Modi to brainstorm oil scenario with global CEOs

Oil prices inched up on Friday, with investors trying to gauge the potential impact on supply from looming US sanctions on Iran's crude exports.

The most-active Brent crude futures contract, for December, had risen 18 cents, or 0.22 per cent, to $81.56 per barrel by 0126 GMT. That was close to a four-year high of $82.55 struck on Tuesday.

With the expiration of the Brent November futures contract later on Friday, the front-month contract will become the December contract.

US futures were up 21 cents, or 0.29 per cent, at $72.33 per barrel, on track for a weekly gain.

"The market has been focusing on trading headlines on the Iran sanctions for a whole week. But views on how much OPEC and Russia can make up for the losses vary," said Chen Kai, head of commodity research at Shenda Futures.

The sanctions kick in on November 4, with Washington asking buyers of Iranian oil to cut imports to zero to force Tehran to negotiate a new nuclear agreement and to curb its influence in the Middle East.

Saudi Arabia is expected to quietly add extra oil to the market over the next couple of months to offset the drop in Iranian production, but is worried it might need to limit output next year to balance global supply and demand as the United States pumps more crude.

Two sources familiar with OPEC policy said Saudi Arabia and other producers discussed a possible production increase of about 500,000 barrels per day (bpd) among the Organization of the Petroleum Exporting Countries and non-OPEC allies.

However, ANZ said in a note on Friday that major suppliers were unlikely to offset losses due to the sanctions estimated at 1.5 million bpd.

At its 2018-peak in May, Iran exported 2.71 million bpd, nearly 3 per cent of daily global crude consumption. The nation is OPEC's third-largest producer.

Meanwhile, looming supply from the United States and stable output from Libya were dragging on oil prices, said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA in Singapore.

Oil prices inched up on Friday, with investors trying to gauge the potential impact on supply from looming US sanctions on Iran's crude exports. The most-active Brent crude futures contract, for December, had risen 18 cents, or 0.

Oil prices inched up on Friday, with investors trying to gauge the potential impact on supply from looming US sanctions on Iran's crude exports. The most-active Brent crude futures contract, for December, had risen 18 cents, or 0.22 per cent, to $81.56 per barrel by 0126 GMT. That was close to a four-year high of $82.55 struck on Tuesday. With the expiration of the Brent November futures contract later on Friday, the front-month contract will become the December contract. US futures were up 21 cents, or 0.29 per cent, at $72.33 per barrel, on track for a weekly gain. "The market has been focusing on trading headlines on the Iran sanctions for a whole week. But views on how much OPEC and Russia can make up for the losses vary," said Chen Kai, head of commodity research at Shenda Futures. The sanctions kick in on November 4, with Washington asking buyers of Iranian oil to cut imports to zero to force Tehran to negotiate a new nuclear agreement and to curb its influence in the Middle East. Saudi Arabia is expected to quietly add extra oil to the market over the next couple of months to offset the drop in Iranian production, but is worried it might need to limit output next year to balance global supply and demand as the United States pumps more crude. Two sources familiar with OPEC policy said Saudi Arabia and other producers discussed a possible production increase of about 500,000 barrels per day (bpd) among the Organization of the Petroleum Exporting Countries and non-OPEC allies. However, ANZ said in a note on Friday that major suppliers were unlikely to offset losses due to the sanctions estimated at 1.5 million bpd. At its 2018-peak in May, Iran exported 2.71 million bpd, nearly 3 per cent of daily global crude consumption. The nation is OPEC's third-largest producer. Meanwhile, looming supply from the United States and stable output from Libya were dragging on oil prices, said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA in Singapore.

Oil prices edge up amid uncertainty over fallout from Iran sanctions

<a href="http://www.wionews.com/world/israel-fires-missiles-at-syria-explosions-heard-in--damascus-135808">Israel fires missiles at Syria, explosions heard in Damascus</a>

Israel today launched missiles on Syria early on Thursday, the Israeli Army said. Syria's news agency SANA said its anti-aircraft air defence intercepted Israeli missiles.

<a href="http://www.wionews.com/world/malaysias-mahathir-92-to-be-sworn-in-as-prime-minister-after-historic-poll-win-135817">Malaysia's Mahathir Mohamad to be sworn-in as PM after </a><a href="http://www.wionews.com/world/malaysias-mahathir-92-to-be-sworn-in-as-prime-minister-after-historic-poll-win-135817">historic</a><a href="http://www.wionews.com/world/malaysias-mahathir-92-to-be-sworn-in-as-prime-minister-after-historic-poll-win-135817"> poll win</a>

Former Malaysian Prime Minister Mahathir Mohamad has won a historc victory making him the olderst as well as the longest serving Prime Minister in Malaysia.

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The high-voltage campaigning for the crucial Karnataka Assembly polls will come to an end on Thursday at 5 pm. The political parties, eyeing to sweep the polls, will hold multiple rallies today in their last attempt to woo the voter in their favour.

<a href="http://www.wionews.com/world/oil-jumps-3-after-us-quits-iran-deal-us-stock-drawdown-135811">Oil jumps 3% after US quits Iran deal, US stock drawdown</a>

Oil prices rose about 3 percent on Wednesday and hit fresh 3-1/2 year highs after a bigger-than-expected drawdown in U.S. oil inventories extended gains from the United States' decision to quit a nuclear deal with Iran.

Israel fires missiles at Syria, explosions heard in Damascus Israel today launched missiles on Syria early on Thursday, the Israeli Army said. Syria's news agency SANA said its anti-aircraft air defence intercepted Israeli missiles. Malaysia's Mahathir Mohamad to be sworn-in as PM after historic poll win Former Malaysian Prime Minister Mahathir Mohamad has won a historc victory making him the olderst as well as the longest serving Prime Minister in Malaysia. Cannes 2018: Kangana Ranaut brings back vintage fashion on her debut appearance at the festival Dressed in a black shimmer saree by designer Sabyasachi Mukherjee, Kangana Ranaut brought back old-world charm on her first day at the Cannes Film Festival. The actress is attending the film festival as a face of a brand and this is her first time at Cannes. Karnataka polls: High-pitched campaigning to conclude today The high-voltage campaigning for the crucial Karnataka Assembly polls will come to an end on Thursday at 5 pm. The political parties, eyeing to sweep the polls, will hold multiple rallies today in their last attempt to woo the voter in their favour. Oil jumps 3% after US quits Iran deal, US stock drawdown Oil prices rose about 3 percent on Wednesday and hit fresh 3-1/2 year highs after a bigger-than-expected drawdown in U.S. oil inventories extended gains from the United States' decision to quit a nuclear deal with Iran.

News brief: Big stories of the day

As the world waits for US President Donald Trump’s decision on the Iran nuclear deal, the Gulf oil diplomacy is in full play.

Reports say the Saudi Arabia is backing sanctions on Iran as it wants to push crude prices to around $100 a barrel.

Analysts believe Saudi Arabia aims to see much higher oil prices to overcome its domestic financial difficulties and raise the valuation of state oil giant Aramco ahead of a planned five-per cent IPO.

Rising crude will give a high valuation to Aramco, thereby giving more money to Saudi government. Saudi Aramco had net income of $33.8 billion in the first six months of 2017 and cash flows of $52.1 billion. Crown Prince Mohammed bin Salman, who has made the Aramco IPO a cornerstone of Saudi economic 2030 reform, wants to raise a record $100 billion by selling a five per cent stake in the company on local and foreign exchanges.

It would give Aramco a market capitalisation of $2 trillion, the biggest achieved by any company and dwarfing peers such as Exxon Mobil and Royal Dutch Shell.

After prices hit $70 a barrel, the kingdom "is thought to be unofficially gunning for $80 a barrel, with some even suggesting that it favours a return to $100 (a barrel) oil", Stephen Brennock of PVM Oil Associates said.

"As well as helping to reduce the Saudi government balance sheet, a further spike in prices would act as a boon for the impending Aramco IPO," Brennock said.

"This is why Saudi Arabia is intentionally keeping the supply of oil tight," German banking and financial services company Commerzbank said.

Iran, on the other hand, does not support the relentless rise in crude prices and has already signalled a sharp split with regional foe Saudi Arabia that wants high crude prices.

Iran believes that $60 to $65 a barrel constitutes a “suitable price” for oil. But its outlook contrasts sharply with the Saudi-led organization of the petroleum exporting countries or OPEC, which is targeting prices closer to $80 a barrel.

The OPEC, however, does not have a price target for oil. "We never have a price target ... Prices are determined by the market," said Saudi Energy Minister Khaled al-Faleh who warned against the danger of price fluctuations, saying "volatility is our enemy."

OPEC and non-OPEC producers struck a deal in late 2016 to trim production by 1.8 million barrels per day to reduce a global glut that sent prices crashing.

The deal, which is due to run out at the end of this year, has helped boost oil prices to above $70 a barrel from below $30 in early 2016.

Iran does not support the relentless rise in crude prices.

As the world waits for US President Donald Trump’s decision on the Iran nuclear deal, the Gulf oil diplomacy is in full play. Reports say the Saudi Arabia is backing sanctions on Iran as it wants to push crude prices to around $100 a barrel. Analysts believe Saudi Arabia aims to see much higher oil prices to overcome its domestic financial difficulties and raise the valuation of state oil giant Aramco ahead of a planned five-per cent IPO. Rising crude will give a high valuation to Aramco, thereby giving more money to Saudi government. Saudi Aramco had net income of $33.8 billion in the first six months of 2017 and cash flows of $52.1 billion. Crown Prince Mohammed bin Salman, who has made the Aramco IPO a cornerstone of Saudi economic 2030 reform, wants to raise a record $100 billion by selling a five per cent stake in the company on local and foreign exchanges. It would give Aramco a market capitalisation of $2 trillion, the biggest achieved by any company and dwarfing peers such as Exxon Mobil and Royal Dutch Shell. After prices hit $70 a barrel, the kingdom "is thought to be unofficially gunning for $80 a barrel, with some even suggesting that it favours a return to $100 (a barrel) oil", Stephen Brennock of PVM Oil Associates said. "As well as helping to reduce the Saudi government balance sheet, a further spike in prices would act as a boon for the impending Aramco IPO," Brennock said. "This is why Saudi Arabia is intentionally keeping the supply of oil tight," German banking and financial services company Commerzbank said. Iran, on the other hand, does not support the relentless rise in crude prices and has already signalled a sharp split with regional foe Saudi Arabia that wants high crude prices. Iran believes that $60 to $65 a barrel constitutes a “suitable price” for oil. But its outlook contrasts sharply with the Saudi-led organization of the petroleum exporting countries or OPEC, which is targeting prices closer to $80 a barrel. The OPEC, however, does not have a price target for oil. "We never have a price target ... Prices are determined by the market," said Saudi Energy Minister Khaled al-Faleh who warned against the danger of price fluctuations, saying "volatility is our enemy." OPEC and non-OPEC producers struck a deal in late 2016 to trim production by 1.8 million barrels per day to reduce a global glut that sent prices crashing. The deal, which is due to run out at the end of this year, has helped boost oil prices to above $70 a barrel from below $30 in early 2016.

Ahead of US decision on Iran deal, a look at Gulf oil diplomacy

US oil prices closed below $50 a barrel for the first time in three months on Thursday amid worries about increased American shale production in the wake of ramped-up capital investment.

US benchmark West Texas Intermediate for April delivery, slid $1 to $49.28 a barrel, its first close under $50 since December 7.&nbsp;

That drop followed a decline of more than five per cent Wednesday after an oil inventory report showed US stocks rose by eight million barrels, on higher domestic production and increased stockpiling at the closely-watched Cushing, Oklahoma trading hub.

&quot;The sell-off is continuing in light of a significant increase in inventories yesterday,&quot; said Andy Lipow of Houston consultancy Lipow Oil Associates.

The pullback comes during a major energy industry conference in Houston that has featured commentary about increased investment in the industry following the recovery in oil prices since an OPEC agreement struck in November.

Analysts pointed to comments from leading shale producer Harold Hamm, chief executive of Continental Resources, who was quoted in news reports as saying higher US oil output could &quot;kill the market.&quot;

The US Energy Information Administration projected US oil output would rise&nbsp;to 9.7 million barrels per day in 2018 from 8.9 million in 2016, according its monthly report released Tuesday.

(AFP)

The slump comes amid worries about increased American shale production in the wake of ramped-up capital investment

US oil prices closed below $50 a barrel for the first time in three months on Thursday amid worries about increased American shale production in the wake of ramped-up capital investment. US benchmark West Texas Intermediate for April delivery, slid $1 to $49.28 a barrel, its first close under $50 since December 7. That drop followed a decline of more than five per cent Wednesday after an oil inventory report showed US stocks rose by eight million barrels, on higher domestic production and increased stockpiling at the closely-watched Cushing, Oklahoma trading hub. "The sell-off is continuing in light of a significant increase in inventories yesterday," said Andy Lipow of Houston consultancy Lipow Oil Associates. The pullback comes during a major energy industry conference in Houston that has featured commentary about increased investment in the industry following the recovery in oil prices since an OPEC agreement struck in November. Analysts pointed to comments from leading shale producer Harold Hamm, chief executive of Continental Resources, who was quoted in news reports as saying higher US oil output could "kill the market." The US Energy Information Administration projected US oil output would rise to 9.7 million barrels per day in 2018 from 8.9 million in 2016, according its monthly report released Tuesday. (AFP)

US oil prices close below $50 a barrel

Oil prices rallied for their best week in at least five years on Friday, steadying above $51 a barrel, following OPEC&#39;s decision to cut crude output to rein in a global glut that has weighed on prices for more than two years.

After the deal was announced on Wednesday, the market focused on the implementation and impact of OPEC&#39;s first output cuts since 2008, to be joined by Russia and possibly other non-OPEC producers.

Crude prices were pressured by data showing oil output in Russia rose in November to a post-Soviet high and Moscow&#39;s plan to use its record November oil production as its baseline when it cuts output.

With cuts being implemented next year only against end-2016 levels, analysts said there was still a possibility that oversupply, which has halved oil prices since 2014, remains a factor next year.

&quot;Global, and especially US, crude oil inventories are currently at extremely high levels after two years of massive oversupply,&quot; Societe Generale analysts said.

&quot;While the OPEC agreement is very significant and will result in some moderate global stock draws next year, it is likely to take more than one year for crude inventory levels to return to more normal levels.&quot;

Front-month Brent crude futures ended the session up at $54.46 a barrel, up 52 cents, 0.96 per cent. The contract rose more than 15 per cent for the week, its biggest gain since early 2009.

US&nbsp;crude&nbsp;settled at $51.68 per barrel, up 62 cents or 1.21 per cent and notched its biggest weekly gain since early 2011, with a rise of 12 per cent.

Oil drew support from a weak dollar, which slipped against a basket of currencies. Still, traders said profit-taking ahead of the weekend limited crude&#39;s price gains.

&quot;The petroleum markets have settled into quieter mixed flows as the waves created by Wednesday&#39;s OPEC announcement gradually dissipate, with some light profit taking emerging in crude oil,&quot; said Tim Evans, energy futures specialist at Citigroup.

&quot;A weaker US&nbsp;dollar is typically supportive for commodity prices and may have helped steady crude oil from the lows in today&#39;s trade.&quot;

Prices rose to session highs after the White House said it expects US&nbsp;President Barack Obama to sign US&nbsp;legislation extending sanctions against Iran for 10 years into law.

Iran is also seen as a wild card in the execution of the OPEC deal.

US&nbsp;President-elect Donald Trump&#39;s transition team is examining proposals for new non-nuclear sanctions on Iran, the Financial Times reported on Friday.

Iran had threatened on Friday to retaliate against the US&nbsp;Senate&#39;s vote to extend the Iran Sanctions Act (ISA) for 10 years, saying it violated last year&#39;s deal with six major powers that curbed its nuclear programme.

The sanctions were first adopted in 1996 to punish investments in Iran&#39;s energy industry and deter its pursuit of nuclear weapons.

Meanwhile, US&nbsp;energy companies extended their recovery in oil drilling into a seventh month this week, data from energy services firm Baker Hughes Inc&nbsp;showed on Friday.

(Reuters)

US crude settled at $51.68 per barrel, up 62 cents or 1.21 per cent and notched its biggest weekly gain since early 2011

Oil prices rallied for their best week in at least five years on Friday, steadying above $51 a barrel, following OPEC's decision to cut crude output to rein in a global glut that has weighed on prices for more than two years. After the deal was announced on Wednesday, the market focused on the implementation and impact of OPEC's first output cuts since 2008, to be joined by Russia and possibly other non-OPEC producers. Crude prices were pressured by data showing oil output in Russia rose in November to a post-Soviet high and Moscow's plan to use its record November oil production as its baseline when it cuts output. With cuts being implemented next year only against end-2016 levels, analysts said there was still a possibility that oversupply, which has halved oil prices since 2014, remains a factor next year. "Global, and especially US, crude oil inventories are currently at extremely high levels after two years of massive oversupply," Societe Generale analysts said. "While the OPEC agreement is very significant and will result in some moderate global stock draws next year, it is likely to take more than one year for crude inventory levels to return to more normal levels." Front-month Brent crude futures ended the session up at $54.46 a barrel, up 52 cents, 0.96 per cent. The contract rose more than 15 per cent for the week, its biggest gain since early 2009. US crude settled at $51.68 per barrel, up 62 cents or 1.21 per cent and notched its biggest weekly gain since early 2011, with a rise of 12 per cent. Oil drew support from a weak dollar, which slipped against a basket of currencies. Still, traders said profit-taking ahead of the weekend limited crude's price gains. "The petroleum markets have settled into quieter mixed flows as the waves created by Wednesday's OPEC announcement gradually dissipate, with some light profit taking emerging in crude oil," said Tim Evans, energy futures specialist at Citigroup. "A weaker US dollar is typically supportive for commodity prices and may have helped steady crude oil from the lows in today's trade." Prices rose to session highs after the White House said it expects US President Barack Obama to sign US legislation extending sanctions against Iran for 10 years into law. Iran is also seen as a wild card in the execution of the OPEC deal. US President-elect Donald Trump's transition team is examining proposals for new non-nuclear sanctions on Iran, the Financial Times reported on Friday. Iran had threatened on Friday to retaliate against the US Senate's vote to extend the Iran Sanctions Act (ISA) for 10 years, saying it violated last year's deal with six major powers that curbed its nuclear programme. The sanctions were first adopted in 1996 to punish investments in Iran's energy industry and deter its pursuit of nuclear weapons. Meanwhile, US energy companies extended their recovery in oil drilling into a seventh month this week, data from energy services firm Baker Hughes Inc showed on Friday. (Reuters)

Oil rallies to best week in years after OPEC output deal

Brent crude oil prices rose above $51 a barrel on Friday to hit an eight-week high and was on track to rise for a seventh trading day, as hopes that producers could agree measures to support crude buoyed sentiment. 
 
International benchmark Brent crude oil futures were trading at $51.15 per barrel at 0618 GMT, up 26 cents from their last close. Brent prices remain in a bull-run that has lifted the market by over 20 percent since early August. Brent earlier hit $51.20. 
 
US West Texas Intermediate (WTI) crude futures, were at $48.67 a barrel, up 45 cents. 
 
&quot;Oil prices climbed higher because of the US crude stocks downtrend and positive market sentiment, led by OPEC talks. Oil ETFs and managed money also continued to bet on the oil rise recently,&quot; a Hong Kong-based trader said. 
 
Nigerian oil minister Emmanuel Ibe Kachikwu said on Thursday that while a cut in OPEC production is unlikely, there is hope a meeting of producers in Algeria next month could help shore up crude prices. 
 
US crude was also pushed up by an open arbitrage opportunity to export WTI to Europe, leading to a rush of new orders. 
 
However, analysts and traders warned the rally was overblown, especially since planned talks between the Organization of the Petroleum 
Exporting Countries (OPEC) and other major producers like Russia to rein in on ballooning overproduction were unlikely to lead to a reduced supply overhang. 
 
&quot;Some believe &ndash; or more appropriately, hope &ndash; that the OPEC may come up with a plan to support prices at its informal meeting next month, something which we doubt will happen,&quot; said Fawad Razaqzada, a market analyst at Forex.com. 
 
The market appeared to be approaching overbought territory, a Singapore-based trader said. 
 
&quot;Prices could potentially rise another $1 to $2 a barrel before they fall, but the market will need a catalyst to spark the selloff,&quot; the trader said.&nbsp; 
 
(Reuters)

The market hopes that oil producers could agree on measures that will support crude buoyed sentiment

Brent crude oil prices rose above $51 a barrel on Friday to hit an eight-week high and was on track to rise for a seventh trading day, as hopes that producers could agree measures to support crude buoyed sentiment. International benchmark Brent crude oil futures were trading at $51.15 per barrel at 0618 GMT, up 26 cents from their last close. Brent prices remain in a bull-run that has lifted the market by over 20 percent since early August. Brent earlier hit $51.20. US West Texas Intermediate (WTI) crude futures, were at $48.67 a barrel, up 45 cents. "Oil prices climbed higher because of the US crude stocks downtrend and positive market sentiment, led by OPEC talks. Oil ETFs and managed money also continued to bet on the oil rise recently," a Hong Kong-based trader said. Nigerian oil minister Emmanuel Ibe Kachikwu said on Thursday that while a cut in OPEC production is unlikely, there is hope a meeting of producers in Algeria next month could help shore up crude prices. US crude was also pushed up by an open arbitrage opportunity to export WTI to Europe, leading to a rush of new orders. However, analysts and traders warned the rally was overblown, especially since planned talks between the Organization of the Petroleum Exporting Countries (OPEC) and other major producers like Russia to rein in on ballooning overproduction were unlikely to lead to a reduced supply overhang. "Some believe – or more appropriately, hope – that the OPEC may come up with a plan to support prices at its informal meeting next month, something which we doubt will happen," said Fawad Razaqzada, a market analyst at Forex.com. The market appeared to be approaching overbought territory, a Singapore-based trader said. "Prices could potentially rise another $1 to $2 a barrel before they fall, but the market will need a catalyst to spark the selloff," the trader said. (Reuters)

Crude oil prices on a bull-run, cross $51 a barrel

Oil prices rose in Asian trading on Thursday, shrugging off a smaller-than-expected decline in US stockpiles, as the market nervously awaited the result of Britain&#39;s &quot;Brexit&quot; vote. 
 
Trading has been choppy in the run-up to Thursday&#39;s vote on whether Britain leaves or stays in the European Union (EU), although markets appear to have largely priced in a &quot;Remain&quot; vote. 
&nbsp; 
Brent&#39;s August front-month contract was up 40 cents at $50.28 a barrel at 0217 GMT. It closed down 74 cents, or 1.5 per cent, at $49.88 a barrel on Wednesday. 
 
Prices for US oil were also higher, rising 43 cents to $49.56 a barrel. 
 
Once the Brexit vote is out of the way the oil market is likely to switch its focus to fundamentals, turning its attention to more potential supply disruptions that have sent prices higher this year. 
 
The worsening crisis in Venezuela, the country with the highest oil reserves, may be the next source of supply concern, said Tony Nunan, oil risk manager at Mitsubishi Corp in Tokyo. 
 
&quot;There is a cloud hanging over the market from the Brexit vote, which is keeping prices down a bit,&quot; he said. &quot;If the vote comes off, we could go up,&quot; Nunan said, referring to a vote to remain in the EU. 
 
US crude inventories fell less than expected last week, while product inventories were up slightly, the US Energy Information Administration said on Wednesday. 
 
Crude inventories dropped 917,000 barrels in the week ended June 17, compared with expectations for a decrease of 1.7 million barrels. It was the fifth consecutive week of drawdowns for crude inventories. 
 
The Pound rose to a six-month high against the Dollar early on Thursday. 
 
The Yen, often a safe-haven currency for risk-averse investors, was down about 0.25 per cent, while the Nikkei rose by slightly more than that.

The Pound rose to a six-month high against the Dollar early on Thursday

Oil prices rose in Asian trading on Thursday, shrugging off a smaller-than-expected decline in US stockpiles, as the market nervously awaited the result of Britain's "Brexit" vote. Trading has been choppy in the run-up to Thursday's vote on whether Britain leaves or stays in the European Union (EU), although markets appear to have largely priced in a "Remain" vote. Brent's August front-month contract was up 40 cents at $50.28 a barrel at 0217 GMT. It closed down 74 cents, or 1.5 per cent, at $49.88 a barrel on Wednesday. Prices for US oil were also higher, rising 43 cents to $49.56 a barrel. Once the Brexit vote is out of the way the oil market is likely to switch its focus to fundamentals, turning its attention to more potential supply disruptions that have sent prices higher this year. The worsening crisis in Venezuela, the country with the highest oil reserves, may be the next source of supply concern, said Tony Nunan, oil risk manager at Mitsubishi Corp in Tokyo. "There is a cloud hanging over the market from the Brexit vote, which is keeping prices down a bit," he said. "If the vote comes off, we could go up," Nunan said, referring to a vote to remain in the EU. US crude inventories fell less than expected last week, while product inventories were up slightly, the US Energy Information Administration said on Wednesday. Crude inventories dropped 917,000 barrels in the week ended June 17, compared with expectations for a decrease of 1.7 million barrels. It was the fifth consecutive week of drawdowns for crude inventories. The Pound rose to a six-month high against the Dollar early on Thursday. The Yen, often a safe-haven currency for risk-averse investors, was down about 0.25 per cent, while the Nikkei rose by slightly more than that.

Oil prices go up ahead of Brexit vote

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