Hopes for a trade deal between the <a href="https://www.wionews.com/world/china-us-had-constructive-phone-call-on-trade-report-262656">Unit</a>ed States and China and expectations that OPEC would extend production cuts supported oil prices on Monday, helping them hold on to last week's gains.

Brent crude futures, which rose 1.3 per cent&nbsp;last week, were little changed, trading at above $63 per barrel at 1100 GMT.

West Texas Intermediate (WTI) crude was also flat at $57.7 a barrel, having gained 0.8 per cent&nbsp;last week.

Oil rose on Friday as comments from a top US&nbsp;official raised optimism for a <a href="https://www.wionews.com/world/china-us-had-constructive-phone-call-on-trade-report-262656">US-China trade deal</a>, although worries about increasing crude supplies capped prices.

"In the short term, US-China trade talks and (the) OPEC meeting in early December are the two biggest events oil traders are watching for," Margaret Yang, an analyst at CMC Markets, said.

The 16-month trade war between the world's two biggest economies has slowed global growth, prompting analysts to lower forecasts for oil demand growth and raising concerns that a supply glut could develop in 2020.

China and the United States had "constructive talks" on trade in a high-level call on Saturday, state media Xinhua reported on Sunday, but it gave few other details.

In a signal that policymakers are ready to act to prop up slowing growth, China's central bank unexpectedly trimmed a closely-watched lending rate on Monday, the first such cut in more than four years.

The Organization of the Petroleum Exporting Countries (OPEC) said last week it expected demand for its oil to fall in 2020, supporting a view that there is a case for the group and other producers like Russia - collectively known as 'OPEC+' - to maintain limits on production that were introduced to cope with a supply glut.

OPEC and its allies are expected to discuss output policy at a meeting on December&nbsp;5-6 in Vienna. Their existing production deal runs until March.

US&nbsp;energy firms this week reduced the number of oil rigs operating for a fourth week in a row.

Hopes for a trade deal between the United States and China and expectations that OPEC would extend production cuts supported oil prices on Monday, helping them hold on to last week's gains.

Hopes for a trade deal between the United States and China and expectations that OPEC would extend production cuts supported oil prices on Monday, helping them hold on to last week's gains. Brent crude futures, which rose 1.3 per cent last week, were little changed, trading at above $63 per barrel at 1100 GMT. West Texas Intermediate (WTI) crude was also flat at $57.7 a barrel, having gained 0.8 per cent last week. Oil rose on Friday as comments from a top US official raised optimism for a US-China trade deal, although worries about increasing crude supplies capped prices. "In the short term, US-China trade talks and (the) OPEC meeting in early December are the two biggest events oil traders are watching for," Margaret Yang, an analyst at CMC Markets, said. The 16-month trade war between the world's two biggest economies has slowed global growth, prompting analysts to lower forecasts for oil demand growth and raising concerns that a supply glut could develop in 2020. China and the United States had "constructive talks" on trade in a high-level call on Saturday, state media Xinhua reported on Sunday, but it gave few other details. In a signal that policymakers are ready to act to prop up slowing growth, China's central bank unexpectedly trimmed a closely-watched lending rate on Monday, the first such cut in more than four years. The Organization of the Petroleum Exporting Countries (OPEC) said last week it expected demand for its oil to fall in 2020, supporting a view that there is a case for the group and other producers like Russia - collectively known as 'OPEC+' - to maintain limits on production that were introduced to cope with a supply glut. OPEC and its allies are expected to discuss output policy at a meeting on December 5-6 in Vienna. Their existing production deal runs until March. US energy firms this week reduced the number of oil rigs operating for a fourth week in a row.

Oil prices hold above $63 on trade talk optimism, OPEC

&nbsp;Oil&nbsp;rose on Thursday after industry data showed a surprise drop in&nbsp;US&nbsp;crude&nbsp;inventories, while&nbsp;comments&nbsp;from an&nbsp;<a href="https://www.wionews.com/.../new-oil-field-adds-222-billion-barrels-with- current-technology-iran-261333">OPEC</a>&nbsp;official about lower-than-expected&nbsp;US&nbsp;shale&nbsp;production&nbsp;growth&nbsp;in 2020 also provided some support.

Prices, however, were capped by mixed signs for&nbsp;oil&nbsp;demand in China, the world's biggest&nbsp;crude&nbsp;importer, as industrial output rose more slowly than expected in October, but&nbsp;oil&nbsp;refinery throughput hit the second-highest level ever.

Brent futures rose 47 cents, or 0.8 per cent, to $62.84 per barrel by 0808 GMT, while&nbsp;US&nbsp;West Texas Intermediate&nbsp;crude&nbsp;gained 47 cents, or 0.8 per cent, to reach $57.59.

The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Mohammad Barkindo said on Wednesday that there would likely be downward revisions of supply going into 2020, especially from United States&nbsp;shale, adding that some&nbsp;US&nbsp;shale&nbsp;oil&nbsp;firms see output growing by only 300,000-400,000 barrels per day (bpd).

While Barkindo's&nbsp;comments&nbsp;supported&nbsp;oil&nbsp;prices, there is not a clear way for&nbsp;OPEC&nbsp;to forecast&nbsp;oil&nbsp;production outside the group, Howie Lee, an economist at Singapore's OCBC bank said.

"I don't see much changes in supply so prices are still trading within the same range from the start of November," he said.

Barkindo's&nbsp;comments&nbsp;were also in contrast with forecasts by the&nbsp;<a href="https://www.wionews.com/.../oil-prices-gain-after-us-inventories-fall-249041">US&nbsp;Energy Information Administration</a> (EIA) on Wednesday that&nbsp;US&nbsp;oil&nbsp;production is on course to hit new records this year and next.

The American Petroleum Institute reported on Wednesday an unexpected drop in&nbsp;crude&nbsp;stockpiles by 541,000 barrels in the week to November&nbsp;8, against analysts' expectations of an increase of 1.6 million barrels. Gasoline and distillates inventories increased, the API data showed.

Official weekly EIA data is due at 11:00 a.m. EST (1600 GMT) on Thursday. Both reports were delayed a day for the&nbsp;US&nbsp;Veterans Day holiday on Monday.

OPEC&nbsp;and its allies, including Russia, meet on Dec. 5-6 to discuss&nbsp;output policy and production curbs of 1.2 million bpd that have been in place since January with the aim of supporting&nbsp;crude&nbsp;prices. The pact runs&nbsp;to March 2020.

Barkindo said on Wednesday it was too early to say if further output cuts&nbsp;would be needed.

"They have made it quite clear that they are not reducing production further," said OCBC's Lee. "What Saudi can do now is to urge compliance among members especially Iraq and Nigeria. If they can comply, then they can talk about cuts."

Oil rose on Thursday after industry data showed a surprise drop in US crude inventories, while comments from an OPEC official about lower-than-expected US shale production growth in 2020 also provided some support.

Oil rose on Thursday after industry data showed a surprise drop in US crude inventories, while comments from an OPEC official about lower-than-expected US shale production growth in 2020 also provided some support. Prices, however, were capped by mixed signs for oil demand in China, the world's biggest crude importer, as industrial output rose more slowly than expected in October, but oil refinery throughput hit the second-highest level ever. Brent futures rose 47 cents, or 0.8 per cent, to $62.84 per barrel by 0808 GMT, while US West Texas Intermediate crude gained 47 cents, or 0.8 per cent, to reach $57.59. The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Mohammad Barkindo said on Wednesday that there would likely be downward revisions of supply going into 2020, especially from United States shale, adding that some US shale oil firms see output growing by only 300,000-400,000 barrels per day (bpd). While Barkindo's comments supported oil prices, there is not a clear way for OPEC to forecast oil production outside the group, Howie Lee, an economist at Singapore's OCBC bank said. "I don't see much changes in supply so prices are still trading within the same range from the start of November," he said. Barkindo's comments were also in contrast with forecasts by the US Energy Information Administration (EIA) on Wednesday that US oil production is on course to hit new records this year and next. The American Petroleum Institute reported on Wednesday an unexpected drop in crude stockpiles by 541,000 barrels in the week to November 8, against analysts' expectations of an increase of 1.6 million barrels. Gasoline and distillates inventories increased, the API data showed. Official weekly EIA data is due at 11:00 a.m. EST (1600 GMT) on Thursday. Both reports were delayed a day for the US Veterans Day holiday on Monday. OPEC and its allies, including Russia, meet on Dec. 5-6 to discuss output policy and production curbs of 1.2 million bpd that have been in place since January with the aim of supporting crude prices. The pact runs to March 2020. Barkindo said on Wednesday it was too early to say if further output cuts would be needed. "They have made it quite clear that they are not reducing production further," said OCBC's Lee. "What Saudi can do now is to urge compliance among members especially Iraq and Nigeria. If they can comply, then they can talk about cuts."

Oil gains on US crude stocks fall, OPEC comments on slower US shale growth

Iran has discovered a new oilfield in the southwest of the country that has the potential to boost its reserves by about a third, President Hassan Rouhani said on Sunday.

Iran claims: ''Found new oilfield with 53 billion barrels of crude''

About 90,000 barrels of crude oil meant for export were trapped at a northern Iraq field on Thursday because transport routes were cut by protests, an industry source told AFP.

<a href="https://www.wionews.com/world/iraqi-security-forces-break-up-protests-in-baghdads-main-bridges-260396">Anti-government demonstrations</a> have rocked Iraq's capital and its south, with sit-ins increasingly targeting main roads and state infrastructure, including oil fields, in OPEC's second-biggest producer.

The Qayyarah field in northern Iraq produces 30,000 barrels per day of crude oil that is trucked to the southern port of Basra to be exported, but sit-ins have sealed off some of those roads.

A senior source at the North Oil Company, which manages the Qayyarah field, told AFP on Thursday that trucks were unable to carry out that journey for a third consecutive day.

"These trucks usually transport the oil daily, but have been unable to do so since Tuesday because of what's happening in Basra," the source said.

"I don't know when it will resume as it depends on the situation stabilising and the roads being reopened."

Iraq is the fifth-largest oil exporter worldwide, sending around 3.4 million bpd out from its Basra port.

A vast majority of that oil is transported across the country via pipeline, and Qayyarah is one of the rare fields that sends its crude by truck.

The government's budget is funded almost exclusively by oil revenues and analysts have said a hit to exports could be "disastrous" for the country.

Despite Iraq's vast oil wealth, one in five people lives in poverty and youth unemployment stands at 25 per cent, according to the World Bank.

That staggering inequality contributed to the initial wave of anti-government <a href="https://www.wionews.com/opinions/iraqs-wave-of-protests-its-roots-and-how-to-begin-fixing-it-258108">protests that erupted</a> on October 1.

In the south, protesters this week have shut down the access route to the Dhi Qar oil company and the Shanafiyah refinery in Diwaniyah, according to AFP correspondents.

A sit-in has also cut the road to the Umm Qasr port, which brings in most food and medical imports through Basra, but it reopened on Thursday.

On Wednesday, a spokesman for Iraq's embattled premier Adel Abdel Mahdi said security forces "will not allow" protesters to get near key infrastructure.

About 90,000 barrels of crude oil meant for export were trapped at a northern Iraq field on Thursday because transport routes were cut by protests, an industry source told AFP.

About 90,000 barrels of crude oil meant for export were trapped at a northern Iraq field on Thursday because transport routes were cut by protests, an industry source told AFP. Anti-government demonstrations have rocked Iraq's capital and its south, with sit-ins increasingly targeting main roads and state infrastructure, including oil fields, in OPEC's second-biggest producer. The Qayyarah field in northern Iraq produces 30,000 barrels per day of crude oil that is trucked to the southern port of Basra to be exported, but sit-ins have sealed off some of those roads. A senior source at the North Oil Company, which manages the Qayyarah field, told AFP on Thursday that trucks were unable to carry out that journey for a third consecutive day. "These trucks usually transport the oil daily, but have been unable to do so since Tuesday because of what's happening in Basra," the source said. "I don't know when it will resume as it depends on the situation stabilising and the roads being reopened." Iraq is the fifth-largest oil exporter worldwide, sending around 3.4 million bpd out from its Basra port. A vast majority of that oil is transported across the country via pipeline, and Qayyarah is one of the rare fields that sends its crude by truck. The government's budget is funded almost exclusively by oil revenues and analysts have said a hit to exports could be "disastrous" for the country. Despite Iraq's vast oil wealth, one in five people lives in poverty and youth unemployment stands at 25 per cent, according to the World Bank. That staggering inequality contributed to the initial wave of anti-government protests that erupted on October 1. In the south, protesters this week have shut down the access route to the Dhi Qar oil company and the Shanafiyah refinery in Diwaniyah, according to AFP correspondents. A sit-in has also cut the road to the Umm Qasr port, which brings in most food and medical imports through Basra, but it reopened on Thursday. On Wednesday, a spokesman for Iraq's embattled premier Adel Abdel Mahdi said security forces "will not allow" protesters to get near key infrastructure.

Iraq crude stuck at field for third day as protests cut roads

Oil&nbsp;prices&nbsp;edged&nbsp;up&nbsp;on Friday after a difficult week but were still headed for&nbsp;losses of about 4 per cent, hit by a combination of&nbsp;rising&nbsp;global supply and uncertain future demand.

US&nbsp;crude&nbsp;rose for the first time in four days, gaining 18 cents, or 0.3 per cent, to $54.36 a barrel by 0339 GMT. The contract was&nbsp;set&nbsp;for a&nbsp;weekly&nbsp;loss&nbsp;of more than 4 per cent.

Brent crude&nbsp;was&nbsp;up&nbsp;5 cents, or 0.1 per cent, at $59.67 a barrel, leaving it on track for a drop of nearly 4 per cent.

Worries over global economic growth, along with&nbsp;oil&nbsp;demand, continue to haunt the market as leaders from the United States and China struggle to end a 16-month dispute that has roiled&nbsp;trade&nbsp;between the world's top two economies.

"Concerns about the <a href="https://www.wionews.com/world/trump-new-location-for-united-states-china-trade-deal-signing-to-be-announced-soon-259106">US-China&nbsp;trade&nbsp;dispute </a>have come home to roost," said Stephen Innes, Asia Pacific market strategist at AxiTrader.

The market received some respite from a run of poor economic data after an unexpected bounce in a private sector survey of Chinese manufacturing activity on Friday, which contrasted with the dour results of an official survey Thursday.

Japanese factory activity, however, sank to more than a three-year low in October, data showed on Friday, in a fresh warning sign for the world's third-largest economy.

US&nbsp;crude inventories&nbsp;rose by 5.7 million barrels in the week to October&nbsp;25, dwarfing analyst expectations for an increase of just 494,000 barrels.

A Reuters survey showed that&nbsp;oil&nbsp;prices&nbsp;are likely to remain under pressure this year and next. The poll of 51 economists and analysts forecast Brent crude would average $64.16 a barrel in 2019 and $62.38 next year.

Meanwhile, US&nbsp;crude production soared nearly 600,000 barrels per day in August to a record of 12.4 million, buoyed by a 30 per cent&nbsp;increase in Gulf of Mexico&nbsp;output, according to government data released on Thursday.

Those numbers came as a Reuters survey found&nbsp;output&nbsp;from Organization of the Petroleum Exporting Countries (OPEC) recovered in October from an eight-year low, with rapid recovery in Saudi Arabian production from attacks on&nbsp;oil&nbsp;plants more than offsetting&nbsp;losses in Ecuador and voluntary curbs under a supply pact.

Oil prices edged up on Friday after a difficult week but were still headed for losses of about 4 per cent, hit by a combination of rising global supply and uncertain future demand.

Oil prices edged up on Friday after a difficult week but were still headed for losses of about 4 per cent, hit by a combination of rising global supply and uncertain future demand. US crude rose for the first time in four days, gaining 18 cents, or 0.3 per cent, to $54.36 a barrel by 0339 GMT. The contract was set for a weekly loss of more than 4 per cent. Brent crude was up 5 cents, or 0.1 per cent, at $59.67 a barrel, leaving it on track for a drop of nearly 4 per cent. Worries over global economic growth, along with oil demand, continue to haunt the market as leaders from the United States and China struggle to end a 16-month dispute that has roiled trade between the world's top two economies. "Concerns about the US-China trade dispute have come home to roost," said Stephen Innes, Asia Pacific market strategist at AxiTrader. The market received some respite from a run of poor economic data after an unexpected bounce in a private sector survey of Chinese manufacturing activity on Friday, which contrasted with the dour results of an official survey Thursday. Japanese factory activity, however, sank to more than a three-year low in October, data showed on Friday, in a fresh warning sign for the world's third-largest economy. US crude inventories rose by 5.7 million barrels in the week to October 25, dwarfing analyst expectations for an increase of just 494,000 barrels. A Reuters survey showed that oil prices are likely to remain under pressure this year and next. The poll of 51 economists and analysts forecast Brent crude would average $64.16 a barrel in 2019 and $62.38 next year. Meanwhile, US crude production soared nearly 600,000 barrels per day in August to a record of 12.4 million, buoyed by a 30 per cent increase in Gulf of Mexico output, according to government data released on Thursday. Those numbers came as a Reuters survey found output from Organization of the Petroleum Exporting Countries (OPEC) recovered in October from an eight-year low, with rapid recovery in Saudi Arabian production from attacks on oil plants more than offsetting losses in Ecuador and voluntary curbs under a supply pact.

Oil prices edge up, but set for big weekly loss on rising output, trade woes

Oil&nbsp;prices&nbsp;were stable on Friday ahead of&nbsp;data&nbsp;that analysts say could show&nbsp;China, the world's largest&nbsp;oil&nbsp;importer, just recorded its <a href="https://www.wionews.com/world/chinas-q3-gdp-growth-slows-to-6-slowest-in-27-years-256577">weakest quarter of economic&nbsp;growth</a>&nbsp;in nearly three decades, dragged down by a <a href="https://www.wionews.com/world/china-says-hopes-to-reach-phased-trade-pact-with-us-as-early-as-possible-256449">trade dispute</a> with the United States.

Global benchmark Brent crude&nbsp;oil&nbsp;futures fell by 9 cents, 0.2 per cent, to $59.82 a barrel by 0039 GMT.

US&nbsp;West Texas Intermediate (WTI) crude&nbsp;futures were up by 4 cents, or 0.07 per cent, to $53.97 per barrel.

Analysts polled by Reuters expected&nbsp;China's gross domestic product (GDP) to grow 6.1 per cent&nbsp;in the July-September quarter from a year earlier, the slowest pace since the first quarter of 1992, the earliest quarterly&nbsp;data&nbsp;on record.

The Chinese government is due to release its third-quarter&nbsp;GDP&nbsp;data&nbsp;at 0200 GMT, along with other indicators for September.

With&nbsp;all&nbsp;eyes&nbsp;on the upcoming numbers, analysts expect weaker economic readings to add to pressure on Beijing to step up stimulus measures.

"The release of fixed asset investment and industrial activity (data) in&nbsp;China&nbsp;will set the tone in commodity markets," ANZ Bank predicted in a note.

Adding to downward pressure, US&nbsp;crude&nbsp;oil&nbsp;stockpiles surged last week as refinery output dropped to a two-year low, while gasoline and distillate fuel inventories decreased, the Energy Information Administration said on Thursday.

US&nbsp;crude inventories increased by 9.3 million barrels in the week ended October 11, compared with analysts' expectations for an increase of 2.9 million barrels.

Elsewhere, the joint technical committee monitoring a global deal to cut output between the Organization of the Petroleum Exporting Countries (OPEC) and partners, including Russia, found compliance with cuts for September stood at 236 per cent, according to four OPEC sources.

OPEC and its&nbsp;allies have agreed to limit their&nbsp;oil&nbsp;production by 1.2 million barrels per day&nbsp;until March 2020.

&nbsp;

Oil prices were stable on Friday ahead of data that analysts say could show China, the world's largest oil importer, just recorded its weakest quarter of economic growth in nearly three decades, dragged down by a trade dispute with the United States.

Oil prices were stable on Friday ahead of data that analysts say could show China, the world's largest oil importer, just recorded its weakest quarter of economic growth in nearly three decades, dragged down by a trade dispute with the United States. Global benchmark Brent crude oil futures fell by 9 cents, 0.2 per cent, to $59.82 a barrel by 0039 GMT. US West Texas Intermediate (WTI) crude futures were up by 4 cents, or 0.07 per cent, to $53.97 per barrel. Analysts polled by Reuters expected China's gross domestic product (GDP) to grow 6.1 per cent in the July-September quarter from a year earlier, the slowest pace since the first quarter of 1992, the earliest quarterly data on record. The Chinese government is due to release its third-quarter GDP data at 0200 GMT, along with other indicators for September. With all eyes on the upcoming numbers, analysts expect weaker economic readings to add to pressure on Beijing to step up stimulus measures. "The release of fixed asset investment and industrial activity (data) in China will set the tone in commodity markets," ANZ Bank predicted in a note. Adding to downward pressure, US crude oil stockpiles surged last week as refinery output dropped to a two-year low, while gasoline and distillate fuel inventories decreased, the Energy Information Administration said on Thursday. US crude inventories increased by 9.3 million barrels in the week ended October 11, compared with analysts' expectations for an increase of 2.9 million barrels. Elsewhere, the joint technical committee monitoring a global deal to cut output between the Organization of the Petroleum Exporting Countries (OPEC) and partners, including Russia, found compliance with cuts for September stood at 236 per cent, according to four OPEC sources. OPEC and its allies have agreed to limit their oil production by 1.2 million barrels per day until March 2020.

Oil prices steady, all eyes on data seen showing China GDP growth slowdown

Oil&nbsp;prices climbed early on Friday, building on gains in the previous session after producer club&nbsp;OPEC&nbsp;hinted at making&nbsp;deeper&nbsp;cuts&nbsp;in supply while optimism was revived over&nbsp;talks&nbsp;between the United States and&nbsp;China&nbsp;to end their&nbsp;trade&nbsp;war.

International benchmark Brent crude futures were at $59.26 a barrel by 0251 GMT, up 16 cents, or 0.3 per cent, from their previous settlement. Brent settled up 1.3 per cent&nbsp;at $59.10 a barrel on Thursday.

US West Texas Intermediate (WTI) crude&nbsp;futures rose 16 cents, also up 0.3 per cent, from their last close to $53.71 per barrel. In the previous session, WTI settled 1.8 per cent&nbsp;higher at $53.55 a barrel.

On Thursday Mohammad Barkindo, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), said all options were on the table, including a&nbsp;deeper&nbsp;supply cut to balance&nbsp;oil&nbsp;markets. A decision would be taken at a December meeting between the&nbsp;OPEC&nbsp;and its partners, he said.

OPEC&nbsp;lowered its 2019 global&nbsp;oil&nbsp;demand growth forecast to 0.98 million barrels per day (bpd), while leaving its 2020 demand growth estimate unchanged at 1.08 million bpd, according to&nbsp;OPEC's monthly report.

Beyond&nbsp;OPEC,&nbsp;trade&nbsp;talks&nbsp;between the United States and&nbsp;China&nbsp;also remained on the market's radar as the world's top two economies seek to resolve a more-than-a-year-long&nbsp;trade&nbsp;row that has slowed global economic growth and curbed fuel consumption.

"Oil&nbsp;bought into the upbeat tone from the bilateral&nbsp;talks&nbsp;as well, for better or for worse, and was also boosted by fighting talk on prices by the&nbsp;OPEC&nbsp;secretary-general," said Jeffrey Halley, a senior market analyst at OANDA in Singapore.

Top&nbsp;US&nbsp;and Chinese negotiators wrapped up the first of two days of <a href="https://www.wionews.com/world/us-china-trade-talks-to-resume-thursday-white-house-254346">scheduled&nbsp;trade&nbsp;talks&nbsp;on Thursday,</a> with business groups&nbsp;expressing optimism that the two sides might be able to ease tensions and delay a&nbsp;US&nbsp;tariff hike set for next week.

"The United States is the largest global consumer of&nbsp;oil&nbsp;while&nbsp;China, the biggest driver of year-on-year&nbsp;oil&nbsp;demand growth," said Stephen Innes, Asia Pacific market strategist at AxiTrader.

"The most significant sentiment driver hinges on the outcome of the&nbsp;trade&nbsp;talks&nbsp;which, if (they) end on a positive note, could go along way to begin to repair the economic damage done ... these economic powerhouses would need more&nbsp;oil," said Innes.

US&nbsp;President Donald Trump is set to meet Chinese Vice Premier Liu He at 1845 GMT on Friday, the White House said.

Oil prices climbed early on Friday, building on gains in the previous session after producer club OPEC hinted at making deeper cuts in supply while optimism was revived over talks between the United States and China to end their trade war.

Oil prices climbed early on Friday, building on gains in the previous session after producer club OPEC hinted at making deeper cuts in supply while optimism was revived over talks between the United States and China to end their trade war. International benchmark Brent crude futures were at $59.26 a barrel by 0251 GMT, up 16 cents, or 0.3 per cent, from their previous settlement. Brent settled up 1.3 per cent at $59.10 a barrel on Thursday. US West Texas Intermediate (WTI) crude futures rose 16 cents, also up 0.3 per cent, from their last close to $53.71 per barrel. In the previous session, WTI settled 1.8 per cent higher at $53.55 a barrel. On Thursday Mohammad Barkindo, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), said all options were on the table, including a deeper supply cut to balance oil markets. A decision would be taken at a December meeting between the OPEC and its partners, he said. OPEC lowered its 2019 global oil demand growth forecast to 0.98 million barrels per day (bpd), while leaving its 2020 demand growth estimate unchanged at 1.08 million bpd, according to OPEC's monthly report. Beyond OPEC, trade talks between the United States and China also remained on the market's radar as the world's top two economies seek to resolve a more-than-a-year-long trade row that has slowed global economic growth and curbed fuel consumption. "Oil bought into the upbeat tone from the bilateral talks as well, for better or for worse, and was also boosted by fighting talk on prices by the OPEC secretary-general," said Jeffrey Halley, a senior market analyst at OANDA in Singapore. Top US and Chinese negotiators wrapped up the first of two days of scheduled trade talks on Thursday, with business groups expressing optimism that the two sides might be able to ease tensions and delay a US tariff hike set for next week. "The United States is the largest global consumer of oil while China, the biggest driver of year-on-year oil demand growth," said Stephen Innes, Asia Pacific market strategist at AxiTrader. "The most significant sentiment driver hinges on the outcome of the trade talks which, if (they) end on a positive note, could go along way to begin to repair the economic damage done ... these economic powerhouses would need more oil," said Innes. US President Donald Trump is set to meet Chinese Vice Premier Liu He at 1845 GMT on Friday, the White House said.

Oil rises on hopes for deeper OPEC output cuts, US-China trade talks

Ecuador imposes curfew after protests push government out of capital

Facing acute&nbsp;fuel&nbsp;shortages&nbsp;in their own country,&nbsp;Haitians&nbsp;took a chance to cross the border into the&nbsp;Dominican&nbsp;Republic&nbsp;in search of&nbsp;petrol&nbsp;on Monday.

Dozens were seen crossing the border and gathering around a&nbsp;petrol&nbsp;station in Dajabon, the capital city of the Dajabon province in the&nbsp;Dominican&nbsp;Republic, on the border with Haiti.

Haitians&nbsp;complained they need&nbsp;fuel&nbsp;to survive, while police in the&nbsp;Dominican&nbsp;Republic&nbsp;tighten their grip on security.

A dispute between Haiti and a US&nbsp;energy trading firm has to lead to long blackouts and&nbsp;fuel&nbsp;shortages&nbsp;in the Caribbean nation, feeding anger at President Jovenel Moise's government following the collapse of a supply deal with Venezuela last year.

The Western Hemisphere's poorest nation, Haiti long relied on&nbsp;fuel&nbsp;shipments from nearby OPEC member Venezuela, which offered cheap financing to several Caribbean nations to buy its gasoline, diesel and other products through a program called Petrocaribe.

But the scheme fell apart last year due to economic turmoil in Venezuela, forcing Haiti, a nation of 11 million people to return to international markets.

The result has put upward pressure on the prices of goods.

Facing acute fuel shortages in their own country, Haitians took a chance to cross the border into the Dominican Republic in search of petrol on Monday. Dozens were seen crossing the border and gathering around a petrol station in Dajabon, the capital city of the Dajabon province in the Dominican Republic, on the border with Haiti.

Facing acute fuel shortages in their own country, Haitians took a chance to cross the border into the Dominican Republic in search of petrol on Monday. Dozens were seen crossing the border and gathering around a petrol station in Dajabon, the capital city of the Dajabon province in the Dominican Republic, on the border with Haiti. Haitians complained they need fuel to survive, while police in the Dominican Republic tighten their grip on security. A dispute between Haiti and a US energy trading firm has to lead to long blackouts and fuel shortages in the Caribbean nation, feeding anger at President Jovenel Moise's government following the collapse of a supply deal with Venezuela last year. The Western Hemisphere's poorest nation, Haiti long relied on fuel shipments from nearby OPEC member Venezuela, which offered cheap financing to several Caribbean nations to buy its gasoline, diesel and other products through a program called Petrocaribe. But the scheme fell apart last year due to economic turmoil in Venezuela, forcing Haiti, a nation of 11 million people to return to international markets. The result has put upward pressure on the prices of goods.

Fuel shortages drive Haitians into the Dominican Republic for petrol

Oil prices were little changed on Wednesday, steadying after Saudi Arabia said it will restore by the end of the month production lost in weekend attacks on its facilities.

Prices plummeted 6 per cent on Tuesday after Saudi Arabia's energy minister said the country had managed to restore oil supplies to customers to where they stood before the <a href="https://www.wionews.com/world/saudi-aramco-pursues-ipo-planning-despite-attack-damage-doubts-250228">attacks</a> on its facilities that shut 5 per cent of global oil output by drawing from its huge inventories.

But tension in the region remained elevated after the United States said it believed the attacks on the world's top oil exporter originated in southwestern Iran. Iran has denied involvement in the strikes.

Brent crude oil futures were flat at $64.55 a barrel by 0732 GMT. US West Texas Intermediate (WTI) crude futures were down 15 cents, or 0.1 per cent, to $59.19 a barrel, after sinking 5.7 per cent on Tuesday.

"Considering limited spare (production) capacity outside Saudi Arabia and risks of renewed attacks on Saudi energy infrastructure, a risk premium is likely to stay on oil prices in the foreseeable future," UBS analysts said in a note.

Energy Minister Prince Abdulaziz bin Salman said on Tuesday that average oil production in September and October would be 9.89 million barrels per day and that the world's top oil exporter would ensure full oil supply commitments to its customers this month.

<a href="https://www.wionews.com/world/saudi-aramco-trading-arm-wants-refined-products-after-attacks-sources-250148">Saudi Aramco</a> has informed some Asian refiners that it will supply full allocated volumes of crude oil in October, albeit with some changes.

Relations between the United States and Iran have deteriorated since US President Donald Trump pulled out of the Iran nuclear accord last year and reimposed sanctions on its oil exports.

Tehran on Tuesday ruled out talks with Trump.

"The oil market is facing challenging times. Recent attacks on oil facilities in Saudi Arabia have painfully demonstrated the risks to oil supply, which is why short-term price spikes are possible at any time," Commerzbank analyst Carsten Fritsch said.

Still, fundamental supply and demand balances in the oil market are deteriorating, Fritsch added, forecasting Brent oil prices of $60 a barrel next year.

"Demand growth is weakening, oil supply outside OPEC is rising significantly and OPEC+'s production discipline has recently faded," he said.

The Organization of the Petroleum Exporting Countries and a number of other producing nations including Russia agreed last year to cut output by 1.2 million bpd to reduce global stocks and prop up prices.

US crude inventories rose by 592,000 barrels in the week ended Sept. 13 to 422.5 million, data from industry group the American Petroleum Institute showed on Tuesday. Analysts had expected a decrease of 2.5 million barrels.

Official US government data will be released later on Wednesday.

Oil prices were little changed on Wednesday, steadying after Saudi Arabia said it will restore by the end of the month production lost in weekend attacks on its facilities.

Oil prices were little changed on Wednesday, steadying after Saudi Arabia said it will restore by the end of the month production lost in weekend attacks on its facilities. Prices plummeted 6 per cent on Tuesday after Saudi Arabia's energy minister said the country had managed to restore oil supplies to customers to where they stood before the attacks on its facilities that shut 5 per cent of global oil output by drawing from its huge inventories. But tension in the region remained elevated after the United States said it believed the attacks on the world's top oil exporter originated in southwestern Iran. Iran has denied involvement in the strikes. Brent crude oil futures were flat at $64.55 a barrel by 0732 GMT. US West Texas Intermediate (WTI) crude futures were down 15 cents, or 0.1 per cent, to $59.19 a barrel, after sinking 5.7 per cent on Tuesday. "Considering limited spare (production) capacity outside Saudi Arabia and risks of renewed attacks on Saudi energy infrastructure, a risk premium is likely to stay on oil prices in the foreseeable future," UBS analysts said in a note. Energy Minister Prince Abdulaziz bin Salman said on Tuesday that average oil production in September and October would be 9.89 million barrels per day and that the world's top oil exporter would ensure full oil supply commitments to its customers this month. Saudi Aramco has informed some Asian refiners that it will supply full allocated volumes of crude oil in October, albeit with some changes. Relations between the United States and Iran have deteriorated since US President Donald Trump pulled out of the Iran nuclear accord last year and reimposed sanctions on its oil exports. Tehran on Tuesday ruled out talks with Trump. "The oil market is facing challenging times. Recent attacks on oil facilities in Saudi Arabia have painfully demonstrated the risks to oil supply, which is why short-term price spikes are possible at any time," Commerzbank analyst Carsten Fritsch said. Still, fundamental supply and demand balances in the oil market are deteriorating, Fritsch added, forecasting Brent oil prices of $60 a barrel next year. "Demand growth is weakening, oil supply outside OPEC is rising significantly and OPEC+'s production discipline has recently faded," he said. The Organization of the Petroleum Exporting Countries and a number of other producing nations including Russia agreed last year to cut output by 1.2 million bpd to reduce global stocks and prop up prices. US crude inventories rose by 592,000 barrels in the week ended Sept. 13 to 422.5 million, data from industry group the American Petroleum Institute showed on Tuesday. Analysts had expected a decrease of 2.5 million barrels. Official US government data will be released later on Wednesday.

Oil steadies after Saudi pledges to restore output lost in attacks

An attack on Saudi oil facilities on Saturday is believed to have disrupted half the country's production capacity, making the United States the only real holder of the global supply cushion via its ability to raise own output or to soften sanctions against other major oil producers.

<a href="https://www.wionews.com/world/oil-rises-as-saudi-signals-opec-cuts-to-continue-under-new-minister-248572">Saudi Arabia</a> has yet to comment on the extent of damage on its <a href="https://www.wionews.com/business-economy/oil-edges-down-on-lower-demand-outlook-us-china-trade-dispute-242428">oil production</a> but industry sources have said some 5-6 million barrels per day (bpd) or 5-6 per cent&nbsp;of global supply has been affected.

Saudi Arabia, the <a href="https://www.wionews.com/business-economy/opec-cuts-2020-oil-demand-forecast-urges-effort-to-avert-a-new-glut-249037">Organization of the Petroleum Exporting Countries</a>' de-facto leader and largest producer, has been long seen as the custodian of the world's spare oil capacity.

Spare capacity is the extra oil a producing country can bring onstream and sustain at short notice, providing global markets with a cushion in the event of natural disaster, conflict or any other cause of an unplanned supply outage.

Industry sources have said Saudi Arabia will be able to restore supply within days.

A prolonged supply outage will have a major bullish impact on oil prices, which in turn will spur further gains in the US&nbsp;shale production.

The <a href="https://www.wionews.com/business-economy/us-briefly-overtakes-saudi-arabia-as-top-oil-exporter-international-energy-agency-249182">United States has briefly overtaken Saudi Arabia</a> as the world largest crude exporter this year, only a few years after removing a ban on oil exports because of large needs at home as the world's largest oil consumer.

Analysts have repeatedly underestimated US&nbsp;output growth gains with the country now producing around 15 per cent&nbsp;of global supply.

Besides the United States, the only countries which have significant spare capacity are Iran and Venezuela.

Both are subject to US&nbsp;sanctions and have seen their exports reduced to a trickle over the past year as US&nbsp;President Donald Trump has tightened sanctions.

Iran has seen its exports falling by over 2 million bpd since the sanctions have been imposed and Venezuela have seen its exports plummeting too.

While analysts expect Venezuelan production to more or less stabilising at current levels of around 700,000-800,000 bpd for the rest of the year, Iranian oil production is forecast to fall further.

Energy Aspects has said it expects OPEC spare capacity to fall to below 1 million bpd in the fourth quarter from two million bpd in the second quarter of 2019.

WILDCARDS

OPEC member Libya is in the middle of a civil war, which threatens its ability to continue pumping oil. Another big Libyan disruption would add to the shocks and highlight the spare capacity problem.

Nigerian exports have also suffered big from disruptions.

Meanwhile, US&nbsp;crude oil production is expected to rise to new records.

However, large US&nbsp;crude output gains and slowing global demand because of a weaker global economy have contributed to a rise in oil stocks worldwide.

The International Energy Agency, which coordinates energy policies of industrialised nations, said on Saturday the markets were still well supplies despite the Saudi disruptions.

"We are massively oversupplied," said Christyan Malek, head of oil and gas research for Europe, Middle East and Africa at J.P. Morgan, adding it would take five months of a 5 million-bpd outage to take global crude supply levels back to a 40-year normal average.

"Having said that, this attack introduces a new, irreversible risk premium into the market," he added.

An attack on Saudi oil facilities on Saturday is believed to have disrupted half the country's production capacity, making the United States the only real holder of the global supply cushion via its ability to raise own output or to soften sanctions against other major oil producers.

An attack on Saudi oil facilities on Saturday is believed to have disrupted half the country's production capacity, making the United States the only real holder of the global supply cushion via its ability to raise own output or to soften sanctions against other major oil producers. Saudi Arabia has yet to comment on the extent of damage on its oil production but industry sources have said some 5-6 million barrels per day (bpd) or 5-6 per cent of global supply has been affected. Saudi Arabia, the Organization of the Petroleum Exporting Countries' de-facto leader and largest producer, has been long seen as the custodian of the world's spare oil capacity. Spare capacity is the extra oil a producing country can bring onstream and sustain at short notice, providing global markets with a cushion in the event of natural disaster, conflict or any other cause of an unplanned supply outage. Industry sources have said Saudi Arabia will be able to restore supply within days. A prolonged supply outage will have a major bullish impact on oil prices, which in turn will spur further gains in the US shale production. The United States has briefly overtaken Saudi Arabia as the world largest crude exporter this year, only a few years after removing a ban on oil exports because of large needs at home as the world's largest oil consumer. Analysts have repeatedly underestimated US output growth gains with the country now producing around 15 per cent of global supply. Besides the United States, the only countries which have significant spare capacity are Iran and Venezuela. Both are subject to US sanctions and have seen their exports reduced to a trickle over the past year as US President Donald Trump has tightened sanctions. Iran has seen its exports falling by over 2 million bpd since the sanctions have been imposed and Venezuela have seen its exports plummeting too. While analysts expect Venezuelan production to more or less stabilising at current levels of around 700,000-800,000 bpd for the rest of the year, Iranian oil production is forecast to fall further. Energy Aspects has said it expects OPEC spare capacity to fall to below 1 million bpd in the fourth quarter from two million bpd in the second quarter of 2019. WILDCARDS OPEC member Libya is in the middle of a civil war, which threatens its ability to continue pumping oil. Another big Libyan disruption would add to the shocks and highlight the spare capacity problem. Nigerian exports have also suffered big from disruptions. Meanwhile, US crude oil production is expected to rise to new records. However, large US crude output gains and slowing global demand because of a weaker global economy have contributed to a rise in oil stocks worldwide. The International Energy Agency, which coordinates energy policies of industrialised nations, said on Saturday the markets were still well supplies despite the Saudi disruptions. "We are massively oversupplied," said Christyan Malek, head of oil and gas research for Europe, Middle East and Africa at J.P. Morgan, adding it would take five months of a 5 million-bpd outage to take global crude supply levels back to a 40-year normal average. "Having said that, this attack introduces a new, irreversible risk premium into the market," he added.

Global spare oil capacity in United States hands after Saudi outage

Oil slipped to around $60 a barrel on Friday as concern about a slowdown in the global economy and oil demand outweighed hints of progress in the US-China trade dispute.

OPEC and the International Energy Agency (IEA) both issued reports this week pointing to an oil surplus next year, despite a pact by OPEC and its allies, a producer alliance known as OPEC+, to limit supplies. The deal runs until March.

"In order to avoid a price slide and a massive inventory build, OPEC+ would need to implement further voluntary production cuts," said Eugen Weinberg, analyst at Commerzbank.

"The challenge facing OPEC+ is thus likely to become even bigger next year, maintaining the pressure on the oil price."

Benchmark Brent crude was down 20 cents at $60.18 a barrel by 0955 GMT, while<a href="https://www.wionews.com/business-economy/us-briefly-overtakes-saudi-arabia-as-top-oil-exporter-international-energy-agency-249182"> US</a> West Texas Intermediate fell 27 cents to $54.82.

Hopes of progress in the US-China trade dispute lent support. The world's two largest economies are preparing for a new round of talks aimed at curbing the spat and have been making conciliatory gestures, cheering investors.

"Both sides have made further displays of goodwill," said Stephen Brennock of broker PVM. "The upshot is that no further deterioration in the economic environment is expected, hence the downside for oil prices should be limited in the near term."

Brent has traded in a range of nearly $5 this week and is heading for its first weekly loss in five weeks. The US benchmark, similarly volatile, was on track for the first weekly drop in three weeks.

Brent is up 12 per cent in 2019, helped by the deal between the Organization of the Petroleum Exporting Countries and allies including Russia to cut output by 1.2 million barrels per day.

The producers are trying to stop inventories from building up and, in a sign, the plan is bearing fruit, US crude oil stocks fell last week to the lowest in nearly a year.

An OPEC+ monitoring committee met this week and secured pledges from<a href="https://www.wionews.com/business-economy/oil-hits-six-week-high-on-hopes-of-extended-opec-output-cuts-248741"> OPEC </a>members Nigeria and Iraq to deliver their share of the cut, something they have failed to do so far, but made no progress on possibly deepening the supply curbs.

Some OPEC delegates say the idea of a larger cut for next year is gaining support. But Saudi Arabia's new energy minister said talks on that issue would be left until the next OPEC+ meeting in December.

Oil slipped to around $60 a barrel on Friday as concern about a slowdown in the global economy and oil demand outweighed hints of progress in the US-China trade dispute.

Oil slipped to around $60 a barrel on Friday as concern about a slowdown in the global economy and oil demand outweighed hints of progress in the US-China trade dispute. OPEC and the International Energy Agency (IEA) both issued reports this week pointing to an oil surplus next year, despite a pact by OPEC and its allies, a producer alliance known as OPEC+, to limit supplies. The deal runs until March. "In order to avoid a price slide and a massive inventory build, OPEC+ would need to implement further voluntary production cuts," said Eugen Weinberg, analyst at Commerzbank. "The challenge facing OPEC+ is thus likely to become even bigger next year, maintaining the pressure on the oil price." Benchmark Brent crude was down 20 cents at $60.18 a barrel by 0955 GMT, while US West Texas Intermediate fell 27 cents to $54.82. Hopes of progress in the US-China trade dispute lent support. The world's two largest economies are preparing for a new round of talks aimed at curbing the spat and have been making conciliatory gestures, cheering investors. "Both sides have made further displays of goodwill," said Stephen Brennock of broker PVM. "The upshot is that no further deterioration in the economic environment is expected, hence the downside for oil prices should be limited in the near term." Brent has traded in a range of nearly $5 this week and is heading for its first weekly loss in five weeks. The US benchmark, similarly volatile, was on track for the first weekly drop in three weeks. Brent is up 12 per cent in 2019, helped by the deal between the Organization of the Petroleum Exporting Countries and allies including Russia to cut output by 1.2 million barrels per day. The producers are trying to stop inventories from building up and, in a sign, the plan is bearing fruit, US crude oil stocks fell last week to the lowest in nearly a year. An OPEC+ monitoring committee met this week and secured pledges from OPEC members Nigeria and Iraq to deliver their share of the cut, something they have failed to do so far, but made no progress on possibly deepening the supply curbs. Some OPEC delegates say the idea of a larger cut for next year is gaining support. But Saudi Arabia's new energy minister said talks on that issue would be left until the next OPEC+ meeting in December.

Oil slips towards $60 on demand worries, despite trade hopes

<a href="https://www.wionews.com/world/oil-rises-as-saudi-signals-opec-cuts-to-continue-under-new-minister-248572">OPEC</a> on Wednesday cut its forecast for growth in world <a href="https://www.wionews.com/business-economy/oil-edges-down-on-lower-demand-outlook-us-china-trade-dispute-242428">oil demand</a> in 2020 due to an economic slowdown, an outlook the producer group said highlighted the need for ongoing efforts to prevent a new glut of crude.

In a monthly report, the Organization of the Petroleum Exporting Countries said <a href="https://www.wionews.com/business-economy/oil-hits-six-week-high-on-hopes-of-extended-opec-output-cuts-248741">oil</a> demand worldwide would expand by 1.08 million barrels per day, 60,000 BPD&nbsp;less than previously estimated, and indicated the market would be in surplus.

The weaker outlook amid a <a href="https://www.wionews.com/photos/us-china-trade-war-in-10-dates-241155#march-8-2018-tax-on-steel-aluminium-241132">US-China trade war</a>&nbsp;and Brexit could press the case for OPEC and its allies to maintain or adjust their policy of cutting output.

Iraq said ministers would on Thursday discuss whether deeper cuts were needed.

OPEC, in the report, lowered its forecast for world economic growth in 2020 to 3.1 per cent&nbsp;from 3.2 per cent&nbsp;and said next year's increase in oil demand would be outpaced by "strong growth" in supply from rival producers such as the United States.

"This highlights the shared responsibility of all producing countries to support oil market stability to avoid unwanted volatility and a potential relapse into market imbalance," the report said.

OPEC, Russia and other producers have since January&nbsp;1 implemented a deal to cut output by 1.2 million BPD. The alliance, known as OPEC+, in July renewed the pact until March 2020 and a committee reviewing the pact meets on Thursday.

Oil prices pared an earlier gain after the report was released to sit just below $63 a barrel.

Despite the OPEC-led cut, oil has tumbled from April's 2019 peak above $75, pressured by trade concerns and an economic slowdown.

The report said oil inventories in industrialised economies fell in July, a development that could ease OPEC concern over a possible glut.

Even so, stocks in July exceeded the five-year average,&nbsp;a yardstick OPEC watches closely&nbsp;by 36 million barrels.

OPEC and its partners have been limiting supply since 2017, helping to clear a glut that built up in 2014-2016 when producers pumped at will, and revive prices.

The policy has given a sustained boost to US&nbsp;shale and other rival supply, and the report suggests the world will need less OPEC crude next year.

Demand for OPEC crude will average 29.40 million BPD in 2020, OPEC said, down 1.2 million BPD from this year.

OPEC said its oil output in August rose, however, by 136,000 bpd to 29.74 million BPD according to figures the group collects from secondary sources.

It was the first increase this year. <a href="https://www.wionews.com/business-economy/saudi-arabia-replaces-aramco-chairman-ahead-of-potential-ipo-247313">Saudi Arabia</a>, Iraq and Nigeria boosted supply.

Top exporter Saudi Arabia told OPEC that the kingdom raised August output by just over 200,000 BPD to 9.789 million BPD. Saudi Arabia continues to pump far less than its quota of 10.311 BPD.

Thanks in part to Saudi restraint, producers are still over-complying with the supply-cutting deal. Losses in Iran and Venezuela, two OPEC members facing US sanctions, have widened the supply reduction.

August's increase, however, puts OPEC output further above the 2020 demand forecast.

The report suggests there will be a 2020 supply surplus of 340,000 BPD if OPEC keeps pumping at August's rate and other things remain equal, more than the surplus forecast in last month's report.

OPEC on Wednesday cut its forecast for growth in world oil demand in 2020 due to an economic slowdown, an outlook the producer group said highlighted the need for ongoing efforts to prevent a new glut of crude.

OPEC on Wednesday cut its forecast for growth in world oil demand in 2020 due to an economic slowdown, an outlook the producer group said highlighted the need for ongoing efforts to prevent a new glut of crude. In a monthly report, the Organization of the Petroleum Exporting Countries said oil demand worldwide would expand by 1.08 million barrels per day, 60,000 BPD less than previously estimated, and indicated the market would be in surplus. The weaker outlook amid a US-China trade war and Brexit could press the case for OPEC and its allies to maintain or adjust their policy of cutting output. Iraq said ministers would on Thursday discuss whether deeper cuts were needed. OPEC, in the report, lowered its forecast for world economic growth in 2020 to 3.1 per cent from 3.2 per cent and said next year's increase in oil demand would be outpaced by "strong growth" in supply from rival producers such as the United States. "This highlights the shared responsibility of all producing countries to support oil market stability to avoid unwanted volatility and a potential relapse into market imbalance," the report said. OPEC, Russia and other producers have since January 1 implemented a deal to cut output by 1.2 million BPD. The alliance, known as OPEC+, in July renewed the pact until March 2020 and a committee reviewing the pact meets on Thursday. Oil prices pared an earlier gain after the report was released to sit just below $63 a barrel. Despite the OPEC-led cut, oil has tumbled from April's 2019 peak above $75, pressured by trade concerns and an economic slowdown. The report said oil inventories in industrialised economies fell in July, a development that could ease OPEC concern over a possible glut. Even so, stocks in July exceeded the five-year average, a yardstick OPEC watches closely by 36 million barrels. OPEC and its partners have been limiting supply since 2017, helping to clear a glut that built up in 2014-2016 when producers pumped at will, and revive prices. The policy has given a sustained boost to US shale and other rival supply, and the report suggests the world will need less OPEC crude next year. Demand for OPEC crude will average 29.40 million BPD in 2020, OPEC said, down 1.2 million BPD from this year. OPEC said its oil output in August rose, however, by 136,000 bpd to 29.74 million BPD according to figures the group collects from secondary sources. It was the first increase this year. Saudi Arabia, Iraq and Nigeria boosted supply. Top exporter Saudi Arabia told OPEC that the kingdom raised August output by just over 200,000 BPD to 9.789 million BPD. Saudi Arabia continues to pump far less than its quota of 10.311 BPD. Thanks in part to Saudi restraint, producers are still over-complying with the supply-cutting deal. Losses in Iran and Venezuela, two OPEC members facing US sanctions, have widened the supply reduction. August's increase, however, puts OPEC output further above the 2020 demand forecast. The report suggests there will be a 2020 supply surplus of 340,000 BPD if OPEC keeps pumping at August's rate and other things remain equal, more than the surplus forecast in last month's report.

OPEC cuts 2020 oil demand forecast, urges effort to avert a new glut

Oil prices rose on Wednesday after a reported sharp drop in US&nbsp;crude stocks and <a href="https://www.wionews.com/world/oil-rises-as-saudi-signals-opec-cuts-to-continue-under-new-minister-248572">OPEC</a>&nbsp;member Iraq said the producer group would discuss deepening output cuts amid ongoing demand concerns.

Brent crude gained 52 cents, or 0.8 per cent, to $62.90 a barrel by 1027 GMT, while US&nbsp;West Texas Intermediate rose 60 cents, or 1.1 per cent, to $58 a barrel.

Oil prices have risen more than 7 per cent this&nbsp;month, supported by declines in global inventories and signs of an easing in trade tensions between the United States and China, the world's two largest economies and energy consumers.

Prices rose this week after <a href="https://www.wionews.com/world/new-saudi-energy-minister-a-royal-with-decades-of-experience-in-opec-cuts-248719">Prince Abdulaziz bin Salman</a>, Saudi Arabia's new energy minister, said oil policy would not change and said an OPEC deal with Russia and other producers to cut output by 1.2 million barrels per day (BPD) would be maintained.

Iraqi Oil Minister Thamer Ghadhban said the Organization of the Petroleum Exporting Countries would discuss whether to deepen cuts when ministers meet on Thursday.

He said OPEC had discussed cuts of 1.6 million to 1.8 million BPD when considering output curbs last year.

Russia's Energy Minister Alexander Novak said an alliance of OPEC and other producers, known as OPEC+, would discuss global oil demand, but added that there were no fresh proposals to change production cut volumes.

<a href="https://www.wionews.com/business-economy/oil-hits-six-week-high-on-hopes-of-extended-opec-output-cuts-248741">OPEC cut</a> its forecast on Wednesday for growth in world oil demand in 2020 by 60,000 BPD to 1.08 million BPD, due to an economic slowdown.

It indicated the market would be in surplus.

The US Energy Information Administration (EIA) also slashed its demand forecasts this week.

Growing signs of a slowdown were flagged by oil traders and executives attending industry gatherings in Singapore and Abu Dhabi this week.

OPEC has pointed to rising global production next year, particularly in US shale fields, while data from the American Petroleum Institute (API) showed US&nbsp;crude stocks fell last week by 7.2 million barrels, more than twice the amount analysts in a Reuters poll had forecast.

"The API report is quite constructive for the oil market as it points to a tightening domestic oil market in the face of flat production and stronger demand," Dutch bank ING said.

The EIA's official numbers for US&nbsp;inventories will be released at 1430 GMT on Wednesday.

Oil prices rose on Wednesday after a reported sharp drop in US crude stocks and OPEC member Iraq said the producer group would discuss deepening output cuts amid ongoing demand concerns.

Oil prices rose on Wednesday after a reported sharp drop in US crude stocks and OPEC member Iraq said the producer group would discuss deepening output cuts amid ongoing demand concerns. Brent crude gained 52 cents, or 0.8 per cent, to $62.90 a barrel by 1027 GMT, while US West Texas Intermediate rose 60 cents, or 1.1 per cent, to $58 a barrel. Oil prices have risen more than 7 per cent this month, supported by declines in global inventories and signs of an easing in trade tensions between the United States and China, the world's two largest economies and energy consumers. Prices rose this week after Prince Abdulaziz bin Salman, Saudi Arabia's new energy minister, said oil policy would not change and said an OPEC deal with Russia and other producers to cut output by 1.2 million barrels per day (BPD) would be maintained. Iraqi Oil Minister Thamer Ghadhban said the Organization of the Petroleum Exporting Countries would discuss whether to deepen cuts when ministers meet on Thursday. He said OPEC had discussed cuts of 1.6 million to 1.8 million BPD when considering output curbs last year. Russia's Energy Minister Alexander Novak said an alliance of OPEC and other producers, known as OPEC+, would discuss global oil demand, but added that there were no fresh proposals to change production cut volumes. OPEC cut its forecast on Wednesday for growth in world oil demand in 2020 by 60,000 BPD to 1.08 million BPD, due to an economic slowdown. It indicated the market would be in surplus. The US Energy Information Administration (EIA) also slashed its demand forecasts this week. Growing signs of a slowdown were flagged by oil traders and executives attending industry gatherings in Singapore and Abu Dhabi this week. OPEC has pointed to rising global production next year, particularly in US shale fields, while data from the American Petroleum Institute (API) showed US crude stocks fell last week by 7.2 million barrels, more than twice the amount analysts in a Reuters poll had forecast. "The API report is quite constructive for the oil market as it points to a tightening domestic oil market in the face of flat production and stronger demand," Dutch bank ING said. The EIA's official numbers for US inventories will be released at 1430 GMT on Wednesday.

International oil prices gain after fall in US stocks

Oil futures hit a six-week high on Tuesday, rising for a fifth day on optimism that <a href="https://www.wionews.com/world/oil-rises-as-saudi-signals-opec-cuts-to-continue-under-new-minister-248572">OPEC</a> and other countries may agree to extend production cuts in a bid to support prices.

Brent was up 26 cents, or 0.4 per cent, at $62.85 a barrel by 0349 GMT, while US&nbsp;crude was 27 cents, or 0.5 per cent, higher at $58.12 a barrel. Brent touched its highest since August 1, while US crude rose to the highest since July 31.

US oil gained more than 2 per cent&nbsp;on Monday, while Brent finished the day 1.7 per cent&nbsp;higher as the market reacted to the appointment by Saudi Arabia's king of his son, Prince Abdulaziz bin Salman, as energy minister on Sunday.

Prince Abdulaziz, a long-time member of the Saudi delegation to the Organization of the Petroleum Exporting Countries (OPEC), said the pillars of <a href="https://www.wionews.com/business-economy/saudi-arabia-replaces-aramco-chairman-ahead-of-potential-ipo-247313">Saudi Arabia</a>'s policy would not change and a global deal to cut oil production by 1.2 million barrels per day would be maintained.

He added that the so-called OPEC+ alliance, made up of OPEC and non-OPEC countries including Russia, would be in place for the long term.

A meeting of OPEC and OPEC+ countries in Abu Dhabi this week "is stirring up hopes for additional supply cuts," said Stephen Innes, Asia Pacific market strategist at AxiTrader.&nbsp;

Still, Russia's oil output in August exceeded its quota under the OPEC+ agreements.

"Markets will need to see concrete progress on the production front, even as the world's economy slows, to sustain gains," said Jeffrey Halley, senior market analyst at OANDA.

Should oil end Tuesday higher it will be the longest run of gains since late July but headwinds remain as the US-China trade war rumbles on.

Executives at the annual Asia Pacific Petroleum Conference said on Monday they expect oil prices this year to be pressured by uncertainties surrounding the global economy, the US-China trade war and increasing US supplies.

In the United States, crude stockpiles are likely to have fallen for a fourth consecutive week last week, a preliminary Reuters poll showed on Monday. 
Five analysts polled by Reuters estimated, on average, that crude inventories fell 2.6 million barrels in the week to Sept 6.

Oil futures hit a six-week high on Tuesday, rising for a fifth day on optimism that OPEC and other countries may agree to extend production cuts in a bid to support prices.

Oil futures hit a six-week high on Tuesday, rising for a fifth day on optimism that OPEC and other countries may agree to extend production cuts in a bid to support prices. Brent was up 26 cents, or 0.4 per cent, at $62.85 a barrel by 0349 GMT, while US crude was 27 cents, or 0.5 per cent, higher at $58.12 a barrel. Brent touched its highest since August 1, while US crude rose to the highest since July 31. US oil gained more than 2 per cent on Monday, while Brent finished the day 1.7 per cent higher as the market reacted to the appointment by Saudi Arabia's king of his son, Prince Abdulaziz bin Salman, as energy minister on Sunday. Prince Abdulaziz, a long-time member of the Saudi delegation to the Organization of the Petroleum Exporting Countries (OPEC), said the pillars of Saudi Arabia's policy would not change and a global deal to cut oil production by 1.2 million barrels per day would be maintained. He added that the so-called OPEC+ alliance, made up of OPEC and non-OPEC countries including Russia, would be in place for the long term. A meeting of OPEC and OPEC+ countries in Abu Dhabi this week "is stirring up hopes for additional supply cuts," said Stephen Innes, Asia Pacific market strategist at AxiTrader. Still, Russia's oil output in August exceeded its quota under the OPEC+ agreements. "Markets will need to see concrete progress on the production front, even as the world's economy slows, to sustain gains," said Jeffrey Halley, senior market analyst at OANDA. Should oil end Tuesday higher it will be the longest run of gains since late July but headwinds remain as the US-China trade war rumbles on. Executives at the annual Asia Pacific Petroleum Conference said on Monday they expect oil prices this year to be pressured by uncertainties surrounding the global economy, the US-China trade war and increasing US supplies. In the United States, crude stockpiles are likely to have fallen for a fourth consecutive week last week, a preliminary Reuters poll showed on Monday. Five analysts polled by Reuters estimated, on average, that crude inventories fell 2.6 million barrels in the week to Sept 6.

Oil hits six-week high on hopes of extended OPEC output cuts

Oil rose on Monday on expectations that <a href="https://www.wionews.com/business-economy/saudi-arabia-replaces-aramco-chairman-ahead-of-potential-ipo-247313">Saudi Arabia</a>, the world's largest oil exporter, will continue to support output cuts by OPEC and other producers to prop up prices under new Energy Minister Prince Abdulaziz bin Salman.

Prices climbed for a fourth day and were also supported by comments from the United Arab Emirates energy minister that OPEC and its allies are committed to balancing the crude market.

Global benchmark Brent was up 61 cents, or 1 per cent, at $62.15 a barrel by 0649 GMT, while US West Texas Intermediate was up 65 cents, or 1.2 per cent, at $57.17 a barrel.

Salman, a long-time member of the Saudi delegation to the Organization of the Petroleum Exporting Countries, was named minister on Sunday, replacing Khalid al-Falih. He is the son of Saudi King Salman. It is the first time the energy portfolio has been handed to a member of the royal family.

He helped to negotiate the current global agreement on supply cuts between OPEC and non-OPEC countries including Russia, a group known as OPEC+.

 
A Saudi official said on Sunday there would be no shift in Saudi and OPEC policy.

"The change at the top doesn't necessarily mean a shift in policy as much as it's being viewed as a move to improve relations within OPEC and with non-OPEC producers in the wake of the latest Russian compliance fissures," said Stephen Innes, Asia Pacific market strategist at Axi Trader.

Russia's oil output in August exceeded its quota under the OPEC+ agreements.

<a href="https://www.wionews.com/opinions/aramco-ipo-how-saudi-arabia-caught-between-united-states-and-china-245687">UAE</a> Energy and Industry Minister Suhail al-Mazrouei said on Sunday that members of OPEC and non-OPEC producers were "committed" to achieving oil market balance.

Trade and geopolitical tensions are affecting the market more than demand and supply, Mazrouei said, but he was quick to rule out hasty steps influenced by the trade war between the United States and China.

"The fear of slower (oil) demand is only going to happen if that tension is escalating and I am personally hopeful that is not the case," Mazrouei told Reuters on Sunday.

Prices on Monday were also supported by a rise in oil imports in China in August, with shipments to the world's biggest importer up 3 per cent from July and nearly 10 per cent higher in the first eight months of 2019 from a year earlier.

In the United States, drilling companies cut the number of operating oil rigs for a third week in a row last week

Oil rose on Monday on expectations that Saudi Arabia, the world's largest oil exporter, will continue to support output cuts by OPEC and other producers to prop up prices under new Energy Minister Prince Abdulaziz bin Salman.

Oil rose on Monday on expectations that Saudi Arabia, the world's largest oil exporter, will continue to support output cuts by OPEC and other producers to prop up prices under new Energy Minister Prince Abdulaziz bin Salman. Prices climbed for a fourth day and were also supported by comments from the United Arab Emirates energy minister that OPEC and its allies are committed to balancing the crude market. Global benchmark Brent was up 61 cents, or 1 per cent, at $62.15 a barrel by 0649 GMT, while US West Texas Intermediate was up 65 cents, or 1.2 per cent, at $57.17 a barrel. Salman, a long-time member of the Saudi delegation to the Organization of the Petroleum Exporting Countries, was named minister on Sunday, replacing Khalid al-Falih. He is the son of Saudi King Salman. It is the first time the energy portfolio has been handed to a member of the royal family. He helped to negotiate the current global agreement on supply cuts between OPEC and non-OPEC countries including Russia, a group known as OPEC+. A Saudi official said on Sunday there would be no shift in Saudi and OPEC policy. "The change at the top doesn't necessarily mean a shift in policy as much as it's being viewed as a move to improve relations within OPEC and with non-OPEC producers in the wake of the latest Russian compliance fissures," said Stephen Innes, Asia Pacific market strategist at Axi Trader. Russia's oil output in August exceeded its quota under the OPEC+ agreements. UAE Energy and Industry Minister Suhail al-Mazrouei said on Sunday that members of OPEC and non-OPEC producers were "committed" to achieving oil market balance. Trade and geopolitical tensions are affecting the market more than demand and supply, Mazrouei said, but he was quick to rule out hasty steps influenced by the trade war between the United States and China. "The fear of slower (oil) demand is only going to happen if that tension is escalating and I am personally hopeful that is not the case," Mazrouei told Reuters on Sunday. Prices on Monday were also supported by a rise in oil imports in China in August, with shipments to the world's biggest importer up 3 per cent from July and nearly 10 per cent higher in the first eight months of 2019 from a year earlier. In the United States, drilling companies cut the number of operating oil rigs for a third week in a row last week

Oil rises as Saudi signals OPEC cuts to continue under new minister

Oil prices rose nearly 3 per cent on Wednesday, boosted by a wider market pickup on positive news from <a href="https://www.wionews.com/business-economy/oil-prices-pegged-back-by-mounting-concern-over-us-economy-246329">China's services sector</a>, after three days of losses due to fears about a weakening global economy.

Brent crude was up $1.55, or 2.66 per cent, at $59.81 a barrel by 1401 GMT, while US&nbsp;West Texas Intermediate futures gained $1.56, or 2.66 per cent, to $55.50 a barrel.

Global markets rebounded after a private survey showed that activity in China's services sector expanded at the fastest pace in three months in August as new orders rose, prompting the biggest increase in hiring in more than a year.

China is the world's second-largest oil consumer and largest importer.

But US&nbsp;President Donald Trump on Tuesday warned he would be "tougher" on Beijing in a second term if trade talks dragged on, compounding market fears that trade disputes between the two countries could trigger a US&nbsp;recession.

US&nbsp;data released on Wednesday showed manufacturing activity contracted in August for the first time in three years, while euro zone activity shrank for a seventh month.

Some analysts argued that the overall fundamentals of the oil market remained discouraging.

"The bullish bandwagon seen earlier this year will not be making another appearance," Stephen Brennock of oil broker PVM said.

Data due this week on US&nbsp;oil inventory levels will be delayed by a day to Wednesday and Thursday because of the US&nbsp;Labor Day holiday on Monday.

US&nbsp;crude stockpiles are expected to have declined for a third straight week, a Reuters poll showed on Tuesday.

"Crude oil remains troubled by reports that production from OPEC, Russia and the US&nbsp;all rose last month. This (comes) at a time when the strength of demand growth, due to trade war pessimism, has increasingly been called into question," Saxo Bank commodity strategist Ole Hansen said.

But supply looks set to stay constrained as Russian officials and OPEC sources indicated the countries would remain committed to their agreement to rein in production despite a shake-up in Saudi Arabia's oil industry.

In a possible sign of tension easing in the energy-rich Gulf, Iranian state television reported on Wednesday that Tehran would free seven crew members of the detained British-flagged tanker Stena Impero.

The vessel was seized two weeks after Britain detained an Iranian tanker off the territory of Gibraltar which was released in August.

Oil prices rose nearly 3 per cent on Wednesday, boosted by a wider market pickup on positive news from China's services sector, after three days of losses due to fears about a weakening global economy.

Oil prices rose nearly 3 per cent on Wednesday, boosted by a wider market pickup on positive news from China's services sector, after three days of losses due to fears about a weakening global economy. Brent crude was up $1.55, or 2.66 per cent, at $59.81 a barrel by 1401 GMT, while US West Texas Intermediate futures gained $1.56, or 2.66 per cent, to $55.50 a barrel. Global markets rebounded after a private survey showed that activity in China's services sector expanded at the fastest pace in three months in August as new orders rose, prompting the biggest increase in hiring in more than a year. China is the world's second-largest oil consumer and largest importer. But US President Donald Trump on Tuesday warned he would be "tougher" on Beijing in a second term if trade talks dragged on, compounding market fears that trade disputes between the two countries could trigger a US recession. US data released on Wednesday showed manufacturing activity contracted in August for the first time in three years, while euro zone activity shrank for a seventh month. Some analysts argued that the overall fundamentals of the oil market remained discouraging. "The bullish bandwagon seen earlier this year will not be making another appearance," Stephen Brennock of oil broker PVM said. Data due this week on US oil inventory levels will be delayed by a day to Wednesday and Thursday because of the US Labor Day holiday on Monday. US crude stockpiles are expected to have declined for a third straight week, a Reuters poll showed on Tuesday. "Crude oil remains troubled by reports that production from OPEC, Russia and the US all rose last month. This (comes) at a time when the strength of demand growth, due to trade war pessimism, has increasingly been called into question," Saxo Bank commodity strategist Ole Hansen said. But supply looks set to stay constrained as Russian officials and OPEC sources indicated the countries would remain committed to their agreement to rein in production despite a shake-up in Saudi Arabia's oil industry. In a possible sign of tension easing in the energy-rich Gulf, Iranian state television reported on Wednesday that Tehran would free seven crew members of the detained British-flagged tanker Stena Impero. The vessel was seized two weeks after Britain detained an Iranian tanker off the territory of Gibraltar which was released in August.

Oil prices rise nearly 3% on China service sector expansion

<a href="https://www.wionews.com/world/oil-steadies-as-demand-concern-counters-middle-east-tensions-234074">Oil prices steadied on Friday</a>, on track for a weekly gain, with attention focused on a speech by US Federal Reserve chief Jerome Powell for news on whether it will cut interest rates for a second time this year to boost the world's largest economy.

Brent crude futures, the international benchmark for oil prices, fell 8 cents to $59.84 a barrel by 0952 GMT but was up about 2.1 per cent on the week.

US West Texas Intermediate (WTI) crude futures slipped by 3 cents to $55.32, up 0.8per cent this week.

"For now, it all comes down to Powell’s projected bias on Friday. Does he insist on the robustness of the US economy or does he highlight the growing downside risks? Investors’ interpretation of Powell’s policy bias is set to sway markets," said FXTM market analyst Han Tan.

Traders will comb through Powell's speech later on Friday at a meeting of global central bankers at Jackson Hole, Wyoming, looking for clues on US rates as economic headwinds strengthen and the US-China trade conflict shows no sign of abating.

"Some have blamed the hesitant tone [for oil prices] on an end-of-summer lull. Yet, in truth, the sense of unease stems from ongoing worries about the global economy," said Stephen Brennock of oil broker PVM.

Exacerbating concern over the possibility of a recession, US manufacturing industries registered their first month of contraction in almost a decade.

However, oil production cuts from OPEC members and Russia, as well as reduced exports from Iran and Venezuela because of US sanctions, have continued to support crude prices.

Harry Tchilinguirian, of BNP Paribas, said the market had some bearish data, with a rise in <a href="https://www.wionews.com/world/under-pressure-from-donald-trump-organization-of-the-petroleum-exporting-countries-embraces-vladimir-putin-232769">Saudi Arabian oil exports while Russia’s crude</a> output moved above its quota under an OPEC+ agreement and Russian state oil major Rosneft helped to ship Venezuelan oil to China and India.

OPEC, Russia and other producers have, since Jan. 1, implemented a deal to cut output by 1.2 million barrels per day. The alliance, known as OPEC+, renewed the pact in July, extending the curbs to March 2020 to avoid a build-up of inventories that could hit prices.

French President Emmanuel Macron will meet Iranian Foreign Minister Mohammad Javad Zarif on Friday as world powers seek to salvage a 2015 international nuclear deal signed with Tehran.

Iran has said it will scale back compliance with the pact unless the Europeans find a solution enabling Tehran to sell its oil despite U.S. sanctions.

Oil prices steadied on Friday, on track for a weekly gain, with attention focused on a speech by US Federal Reserve chief Jerome Powell for news on whether it will cut interest rates for a second time this year to boost the world's largest economy.

Oil prices steadied on Friday, on track for a weekly gain, with attention focused on a speech by US Federal Reserve chief Jerome Powell for news on whether it will cut interest rates for a second time this year to boost the world's largest economy. Brent crude futures, the international benchmark for oil prices, fell 8 cents to $59.84 a barrel by 0952 GMT but was up about 2.1 per cent on the week. US West Texas Intermediate (WTI) crude futures slipped by 3 cents to $55.32, up 0.8per cent this week. "For now, it all comes down to Powell’s projected bias on Friday. Does he insist on the robustness of the US economy or does he highlight the growing downside risks? Investors’ interpretation of Powell’s policy bias is set to sway markets," said FXTM market analyst Han Tan. Traders will comb through Powell's speech later on Friday at a meeting of global central bankers at Jackson Hole, Wyoming, looking for clues on US rates as economic headwinds strengthen and the US-China trade conflict shows no sign of abating. "Some have blamed the hesitant tone [for oil prices] on an end-of-summer lull. Yet, in truth, the sense of unease stems from ongoing worries about the global economy," said Stephen Brennock of oil broker PVM. Exacerbating concern over the possibility of a recession, US manufacturing industries registered their first month of contraction in almost a decade. However, oil production cuts from OPEC members and Russia, as well as reduced exports from Iran and Venezuela because of US sanctions, have continued to support crude prices. Harry Tchilinguirian, of BNP Paribas, said the market had some bearish data, with a rise in Saudi Arabian oil exports while Russia’s crude output moved above its quota under an OPEC+ agreement and Russian state oil major Rosneft helped to ship Venezuelan oil to China and India. OPEC, Russia and other producers have, since Jan. 1, implemented a deal to cut output by 1.2 million barrels per day. The alliance, known as OPEC+, renewed the pact in July, extending the curbs to March 2020 to avoid a build-up of inventories that could hit prices. French President Emmanuel Macron will meet Iranian Foreign Minister Mohammad Javad Zarif on Friday as world powers seek to salvage a 2015 international nuclear deal signed with Tehran. Iran has said it will scale back compliance with the pact unless the Europeans find a solution enabling Tehran to sell its oil despite U.S. sanctions.

Oil price steadies as markets await Fed steer

&nbsp;Oil&nbsp;rose further above $60 a barrel on Thursday, supported by a drop in US crude inventories and OPEC-led supply cuts, although worries about the global economy weighed.

<a href="https://www.wionews.com/business-%26-economy/oil-prices-rise-after-us-crude-inventories-fall-154520">US crude inventories</a> fell by 2.7 million barrels last week, more than analysts expected.&nbsp;

Still, the US Energy Information Administration also said gasoline and distillate inventories rose.

Brent crude rose 46 cents to $60.76 a barrel by 1017 GMT. US West Texas Intermediate crude added 40 cents to $56.08.

Traders across the board are awaiting a speech from<a href="https://www.wionews.com/business-economy/dow-ends-above-27000-points-for-first-time-sp-500-hits-record-on-federal-reserve-rate-cut-optimism-235154"> Federal Reserve Chairman Jerome Powell </a>on Friday in Jackson Hole, Wyoming that could indicate whether the central bank will continue to cut interest rates.

"Oil&nbsp;looks in limbo at the moment," said Craig Erlam, an analyst at OANDA.&nbsp;

"It's been steadily rising over the last couple of weeks but not in any convincing way."

"A risk rally at the end of the week may get it moving again but that hangs on Powell."

The price of Brent is up by about 13 per cent this year, supported by supply cuts led by the Organization of the Petroleum Exporting Countries, and export cuts in Iran and Venezuela which are under the US 
sanctions.

Iran on Wednesday said if its&nbsp;oil&nbsp;exports are cut to zero, international waterways would not have the same security as before, cautioning Washington against raising pressure on Tehran.

But a slowdown in economic growth amid the US-China trade dispute and Brexit has been pressuring prices and forecasters such as the International Energy Agency have been lowering forecasts for world&nbsp;oil&nbsp;demand.

US President Donald Trump on Wednesday said he was "the chosen one" to address trade imbalances with China, even as congressional researchers warned his tariffs would reduce US economic output by 0.3per cent in 2020.

The Jackson Hole speech is important for&nbsp;oil&nbsp;as signals from the Fed on monetary easing affect the US dollar. A weaker US currency tends to support&nbsp;oil&nbsp;prices, and the dollar eased on Thursday against a basket of currencies.

"The focus now is going to be on Jackson Hole, I think, to the end of the week," said Olivier Jakob,&nbsp;oil&nbsp;analyst at Petromatrix.

Oil rose further above $60 a barrel on Thursday, supported by a drop in US crude inventories and OPEC-led supply cuts, although worries about the global economy weighed.

Oil rose further above $60 a barrel on Thursday, supported by a drop in US crude inventories and OPEC-led supply cuts, although worries about the global economy weighed. US crude inventories fell by 2.7 million barrels last week, more than analysts expected. Still, the US Energy Information Administration also said gasoline and distillate inventories rose. Brent crude rose 46 cents to $60.76 a barrel by 1017 GMT. US West Texas Intermediate crude added 40 cents to $56.08. Traders across the board are awaiting a speech from Federal Reserve Chairman Jerome Powell on Friday in Jackson Hole, Wyoming that could indicate whether the central bank will continue to cut interest rates. "Oil looks in limbo at the moment," said Craig Erlam, an analyst at OANDA. "It's been steadily rising over the last couple of weeks but not in any convincing way." "A risk rally at the end of the week may get it moving again but that hangs on Powell." The price of Brent is up by about 13 per cent this year, supported by supply cuts led by the Organization of the Petroleum Exporting Countries, and export cuts in Iran and Venezuela which are under the US sanctions. Iran on Wednesday said if its oil exports are cut to zero, international waterways would not have the same security as before, cautioning Washington against raising pressure on Tehran. But a slowdown in economic growth amid the US-China trade dispute and Brexit has been pressuring prices and forecasters such as the International Energy Agency have been lowering forecasts for world oil demand. US President Donald Trump on Wednesday said he was "the chosen one" to address trade imbalances with China, even as congressional researchers warned his tariffs would reduce US economic output by 0.3per cent in 2020. The Jackson Hole speech is important for oil as signals from the Fed on monetary easing affect the US dollar. A weaker US currency tends to support oil prices, and the dollar eased on Thursday against a basket of currencies. "The focus now is going to be on Jackson Hole, I think, to the end of the week," said Olivier Jakob, oil analyst at Petromatrix.

Oil steadies above $60 over OPEC supply cuts, global slowdown worries

Mounting signs of an economic slowdown and a ratcheting up of the US-China trade war have caused global oil demand to grow at its slowest pace since the financial crisis of 2008, the International Energy Agency (IEA) said on Friday.

Mounting signs of an economic slowdown and a ratcheting up of the US-China trade war have caused global oil demand to grow at its slowest pace since the financial crisis of 2008, the International Energy Agency (IEA) said on Friday. "The situation is becoming even more uncertain, global oil demand growth has been very sluggish in the first half of 2019," the IEA said in its monthly report. The Paris-based agency said that compared with the same month in 2018, global demand fell by 160,000 barrels per day (BPD) in May the second year-on-year fall of 2019. From January to May, oil demand increased by 520,000 BPD, marking the lowest rise for that period since 2008. "The prospects for a political agreement between China and the United States on trade have worsened. This could lead to reduced trade activity and less oil demand growth," the IEA said. Lowering its global demand growth forecasts for 2019 and 2020 to 1.1 million and 1.3 million BPD, respectively, the IEA cited China as the only major source of growth at 500,000 BPD for the first half of this year. Demand growth in the United States and India was just 100,000 BPD from January to June, it said. "The outlook is fragile with a greater likelihood of a downward revision than an upward one," the report said. Supply curbs by the Organization of the Petroleum Exporting Countries and its allies, meanwhile, had tightened the oil market, helped by slower non-OPEC production. But the IEA said that balance would be temporary as it forecast robust non-OPEC production growth in 2020 at 2.2 million BPD, predicting the global oil market would be "well supplied". The IEA said economic concerns were overshadowing geopolitics, but the oil market continued to watch closely the tensions between the United States and Iran in the Gulf. US sanctions drove down Tehran's July exports of crude oil by 130,000 BPD to 400,000 BPD, the lowest since the 1980s.

Oil demand growth at lowest since 2008: International Energy Agency

Oil slipped to around $63 a barrel on Tuesday as concerns faded for now that rising tensions in the Middle East would escalate and hit oil supplies, compounding the impact of a weaker demand outlook.

Iran's capture of a British oil tanker late last week sparked concern about supply disruptions in the Strait of Hormuz, through which about a fifth of the world's supply flows. Crude rose more than 1% on Monday.

On Tuesday, Brent crude fell 40 cents to $62.86 a barrel by 1052 GMT. US&nbsp;West Texas Intermediate crude slipped 20 cents to $56.02.

"The response of oil prices to the seizure of a British oil tanker by armed Iranian forces near the Strait of Hormuz has been amazingly muted so far," said Carsten Fritsch, an analyst at Commerzbank.

"It appears that the majority of market participants are convinced that there will be no open conflict between the West and Iran."

The tensions come as the United States aims to cut off Iran's oil exports and against the backdrop of supply cuts led by the Organization of the Petroleum Exporting Countries since the start of the year to prop up prices.

As part of that plan, the United States has sanctioned Chinese state-run energy company Zhuhai Zhenrong Co Ltd for allegedly violating restrictions imposed on Iran's oil sector.

But due to strong growth in supply from the United States and other non-OPEC producers, oil supply is exceeding demand, according to the International

A weaker outlook for oil demand due to slowing economic growth has weighed on prices, which are still up by 18% in 2019 helped by the OPEC-led Energy Agency, despite lower Iranian exports and OPEC's voluntary supply curbs supply pact.

"Although prices had been driven by supply developments in the first half of the year economic considerations are making oil bulls careful this month," said Tamas Varga of oil broker PVM.

Goldman Sachs on Sunday lowered its 2019 oil demand projection, joining other forecasters such as the IEA and OPEC in trimming its outlook for fuel use.

Oil may gain further support from expectations of another drop in US&nbsp;crude inventories in weekly reports due later on Tuesday and on Wednesday. Analysts expect a 3.4 million-barrel drop in crude stocks.

The American Petroleum Institute, an industry group, releases its inventory report at 2030 GMT.

Oil slipped to around $63 a barrel on Tuesday as concerns faded for now that rising tensions in the Middle East would escalate and hit oil supplies, compounding the impact of a weaker demand outlook.

Oil slipped to around $63 a barrel on Tuesday as concerns faded for now that rising tensions in the Middle East would escalate and hit oil supplies, compounding the impact of a weaker demand outlook. Iran's capture of a British oil tanker late last week sparked concern about supply disruptions in the Strait of Hormuz, through which about a fifth of the world's supply flows. Crude rose more than 1% on Monday. On Tuesday, Brent crude fell 40 cents to $62.86 a barrel by 1052 GMT. US West Texas Intermediate crude slipped 20 cents to $56.02. "The response of oil prices to the seizure of a British oil tanker by armed Iranian forces near the Strait of Hormuz has been amazingly muted so far," said Carsten Fritsch, an analyst at Commerzbank. "It appears that the majority of market participants are convinced that there will be no open conflict between the West and Iran." The tensions come as the United States aims to cut off Iran's oil exports and against the backdrop of supply cuts led by the Organization of the Petroleum Exporting Countries since the start of the year to prop up prices. As part of that plan, the United States has sanctioned Chinese state-run energy company Zhuhai Zhenrong Co Ltd for allegedly violating restrictions imposed on Iran's oil sector. But due to strong growth in supply from the United States and other non-OPEC producers, oil supply is exceeding demand, according to the International A weaker outlook for oil demand due to slowing economic growth has weighed on prices, which are still up by 18% in 2019 helped by the OPEC-led Energy Agency, despite lower Iranian exports and OPEC's voluntary supply curbs supply pact. "Although prices had been driven by supply developments in the first half of the year economic considerations are making oil bulls careful this month," said Tamas Varga of oil broker PVM. Goldman Sachs on Sunday lowered its 2019 oil demand projection, joining other forecasters such as the IEA and OPEC in trimming its outlook for fuel use. Oil may gain further support from expectations of another drop in US crude inventories in weekly reports due later on Tuesday and on Wednesday. Analysts expect a 3.4 million-barrel drop in crude stocks. The American Petroleum Institute, an industry group, releases its inventory report at 2030 GMT.

Oil slips to around $63 as Iran concerns fades for now

Oil prices gained more than 1% in early trade on Wednesday, led by <a href="https://www.wionews.com/business-economy/crude-oil-prices-fall-1-on-fears-for-global-economy-233148">US&nbsp;crude after an industry group</a> reported that US&nbsp;stockpiles fell for a fourth week in a row, alleviating concerns about oversupply.

West Texas Intermediate (WTI) WTI futures rose 90 cents, or 1.5 per cent, to $58.73 by 0027 GMT. Brent was up 69 cents, or 1.1 per cent, at $64.85.

The US&nbsp;and global benchmarks have risen this year as OPEC and big producers like Russia have honoured commitments to cut production and support prices.

But investors have been looking for signs that unrelenting production from the United States is being consumed, leading to inventory declines.

US&nbsp;crude stockpiles fell more than forecast last week, while gasoline inventories decreased and distillate stocks built, data from industry group the American Petroleum Institute (API) showed on Tuesday.&nbsp;

Crude inventories fell by 8.1 million barrels in the week to July 5 to 461.4 million, compared with analysts' expectations for a decrease of 3.1 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 754,000 barrels, API said.

Figures are due later on Tuesday from the US&nbsp;government's Energy Information Administration and, if the official data confirms fall, it will also be the fourth consecutive weekly decline.

Oil prices have been under pressure from concerns about global economic growth amid growing signs of harm from the US-China trade war that has rumbled on over the last year.

"Prices are finely balanced right now as investors await fresh stimulus," said Fawad Razaqzada, technical analyst at FOREX.com. "The stimulus could come in the form of a sharp change in US&nbsp;crude oil inventories."

Still, US&nbsp;crude oil production is forecast to rise to a fresh record of 12.36 million barrels per day (bpd) in 2019 from the high of 10.96 million bpd last year, the EIA's Short Term Energy Outlook said on Tuesday.

OPEC and allied producers led by Russia agreed last week to extend their supply-cutting deal until March 2020. Brent has risen nearly 20 per cent&nbsp;in 2019, supported by the pact and tensions in the Middle East, especially the row over Iran's nuclear programme.

Oil prices gained more than 1% in early trade on Wednesday, led by US crude after an industry group reported that US stockpiles fell for a fourth week in a row, alleviating concerns about oversupply.

Oil prices gained more than 1% in early trade on Wednesday, led by US crude after an industry group reported that US stockpiles fell for a fourth week in a row, alleviating concerns about oversupply. West Texas Intermediate (WTI) WTI futures rose 90 cents, or 1.5 per cent, to $58.73 by 0027 GMT. Brent was up 69 cents, or 1.1 per cent, at $64.85. The US and global benchmarks have risen this year as OPEC and big producers like Russia have honoured commitments to cut production and support prices. But investors have been looking for signs that unrelenting production from the United States is being consumed, leading to inventory declines. US crude stockpiles fell more than forecast last week, while gasoline inventories decreased and distillate stocks built, data from industry group the American Petroleum Institute (API) showed on Tuesday. Crude inventories fell by 8.1 million barrels in the week to July 5 to 461.4 million, compared with analysts' expectations for a decrease of 3.1 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 754,000 barrels, API said. Figures are due later on Tuesday from the US government's Energy Information Administration and, if the official data confirms fall, it will also be the fourth consecutive weekly decline. Oil prices have been under pressure from concerns about global economic growth amid growing signs of harm from the US-China trade war that has rumbled on over the last year. "Prices are finely balanced right now as investors await fresh stimulus," said Fawad Razaqzada, technical analyst at FOREX.com. "The stimulus could come in the form of a sharp change in US crude oil inventories." Still, US crude oil production is forecast to rise to a fresh record of 12.36 million barrels per day (bpd) in 2019 from the high of 10.96 million bpd last year, the EIA's Short Term Energy Outlook said on Tuesday. OPEC and allied producers led by Russia agreed last week to extend their supply-cutting deal until March 2020. Brent has risen nearly 20 per cent in 2019, supported by the pact and tensions in the Middle East, especially the row over Iran's nuclear programme.

International oil prices rise over US stockpile drop

Oil rose towards $65 a barrel on Tuesday as OPEC supply cuts and <a href="https://www.wionews.com/world/oil-steadies-as-demand-concern-counters-middle-east-tensions-234074">Middle East</a> tensions outweighed the <a href="https://www.wionews.com/opinions/us-china-trade-war-points-to-the-real-crisis-that-global-leaders-must-confront-at-g20-summit-231112">US-China trade</a> dispute that has been dragging down the global economy and oil demand.

<a href="https://www.wionews.com/business-economy/opec-decides-to-extend-oil-output-cuts-after-saudi-arabia-russia-pact-232179">OPEC </a>and its allies agreed last week to extend their supply-cutting deal until March 2020. Brent has risen almost 20% in 2019 supported by the pact and also tensions in the Middle East, especially concerns about the row over Iran's nuclear program.

Benchmark Brent crude rose 59 cents to $64.70 a barrel by 1033 GMT. The US West Texas Intermediate crude was up 46 cents to $58.12.

"OPEC and its allies are doing their best to support the market," said Tamas Varga, an analyst with PVM.

"Oil prices are to hold up reasonably well during the coming months or at least they are not to fall out of bed."

Rising tensions between Iran and the United States have brought the two countries close to conflict. Last month, President Donald Trump called off air strikes at the last minute in retaliation for Iran shooting down a US drone.

Iran threatened to restart deactivated centrifuges on Monday and step up its enrichment of uranium to 20% in a move that further threatens the 2015 nuclear agreement that Washington abandoned last year.

Oil also gained support from reports expected to show a drop in US crude inventories.

US crude stockpiles are forecast to fall 3.6 million barrels in a fourth consecutive weekly decline. The first of this week's two supply reports are due at 2030 GMT from the American Petroleum Institute, an industry group.

Russian oil output fell close to a three-year low in early July, industry sources told Reuters, dragged down by declining output from the largest producer Rosneft.

The decline follows the discovery of contaminated Urals crude that affected the Druzhba pipeline to Europe.

While supply and security concerns supported the market, gains were capped by the US-China trade war that has dampened prospects for global economic growth.

The world's two largest oil consumers are set to relaunch trade talks this week, although there are few signs their differences have narrowed a year after the dispute erupted.

"Demand is soft," said Olivier Jakob, an analyst at Petromatrix. "Generally, market participants find the market is fairly well balanced and don't seem to be too concerned about any potential supply disruptions."

Oil rose towards $65 a barrel on Tuesday as OPEC supply cuts and Middle East tensions outweighed the US-China trade dispute that has been dragging down the global economy and oil demand.

Oil rose towards $65 a barrel on Tuesday as OPEC supply cuts and Middle East tensions outweighed the US-China trade dispute that has been dragging down the global economy and oil demand. OPEC and its allies agreed last week to extend their supply-cutting deal until March 2020. Brent has risen almost 20% in 2019 supported by the pact and also tensions in the Middle East, especially concerns about the row over Iran's nuclear program. Benchmark Brent crude rose 59 cents to $64.70 a barrel by 1033 GMT. The US West Texas Intermediate crude was up 46 cents to $58.12. "OPEC and its allies are doing their best to support the market," said Tamas Varga, an analyst with PVM. "Oil prices are to hold up reasonably well during the coming months or at least they are not to fall out of bed." Rising tensions between Iran and the United States have brought the two countries close to conflict. Last month, President Donald Trump called off air strikes at the last minute in retaliation for Iran shooting down a US drone. Iran threatened to restart deactivated centrifuges on Monday and step up its enrichment of uranium to 20% in a move that further threatens the 2015 nuclear agreement that Washington abandoned last year. Oil also gained support from reports expected to show a drop in US crude inventories. US crude stockpiles are forecast to fall 3.6 million barrels in a fourth consecutive weekly decline. The first of this week's two supply reports are due at 2030 GMT from the American Petroleum Institute, an industry group. Russian oil output fell close to a three-year low in early July, industry sources told Reuters, dragged down by declining output from the largest producer Rosneft. The decline follows the discovery of contaminated Urals crude that affected the Druzhba pipeline to Europe. While supply and security concerns supported the market, gains were capped by the US-China trade war that has dampened prospects for global economic growth. The world's two largest oil consumers are set to relaunch trade talks this week, although there are few signs their differences have narrowed a year after the dispute erupted. "Demand is soft," said Olivier Jakob, an analyst at Petromatrix. "Generally, market participants find the market is fairly well balanced and don't seem to be too concerned about any potential supply disruptions."

Oil rises towards $65 as supply concerns outweigh trade disputes

OPEC agreed on Monday to extend by nine months daily oil output cuts aimed at supporting prices and soaking up excess supplies, following last weekend's G20 pact between cartel kingpin <a href="https://www.wionews.com/world/russia-agrees-with-saudi-arabia-to-extend-opec-and-oil-output-deal-231649">Saudi Arabia and non-member Russia</a>.

"We are very happy to announce that we have reached an agreement to extend for nine months the current production level," said OPEC president and Venezuelan Oil Minister Manuel Quevedo at the group's plush Vienna headquarters.

The expected news followed an official ministerial output meeting of the 14-nation Organization of the Petroleum Exporting Countries (OPEC), which pumps just under one third of the world's oil.&nbsp;

Members will gather again on Tuesday for OPEC+ -&nbsp;a grouping that comprises a total of 24 crude producers including Russia, Kazakhstan, Malaysia and Mexico -&nbsp;which is also expected to extend its collective production limits.

The enlarged crude producing club had already decided in December to remove 1.2 million barrels per day from the market in a deal which ran through to the end of June.&nbsp;

The original cutbacks, sparked after oil prices tanked at the end of last year on fears of slower global growth, sent the market surging by a third in the first three months of this year.

The news nevertheless sent oil prices rallying on Monday, with sentiment boosted also by the China-US trade truce that was agreed at the G20 in Osaka.

New York crude gained 62 cents to finish at $59.09 per barrel, while Brent oil added 32 cents to $65.06.

"The G20 put a very nice backdrop to where we are today," said Saudi Arabia's Energy Minister Khalid al-Falih at a press conference announcing the extension.

"The global economy looks a lot better than it did a couple of years ago because of the agreement reached between President (Donald) Trump and China."

However, this week's OPEC action was largely overshadowed after Russian President Vladimir Putin and Saudi Arabia agreed Saturday on the sidelines of the G20 to extend the deal by between six and nine months, leaving only the time frame unclear.

The cartel's ministers also agreed on Monday to establish a formal and permanent "charter of cooperation" between OPEC and non-OPEC nations, despite reservations from Iran.

Falih said that Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin had met and "enthusiastically supported an extension for up to nine months".

"There was no doubt in their minds that this (OPEC+) framework... has been extremely beneficial to producers as well as consumers, and of course to the global economy," Falih said.

"They also gave us their support to (Russian Energy Minister Alexander) Novak and myself that they would welcome making this cooperation... a permanent framework that would always bring producers from both sides together."

Novak had declared earlier Monday that "everyone" supported the proposition to extend production caps.

The OPEC+ grouping, formed three years ago to combat slumping prices in the face of abundant supplies, together accounts for almost half of global crude.

Iran had earlier slammed the Osaka move, arguing that OPEC did not simply exist to rubber-stamp a decision made outside of the cartel, but did nevertheless support the extension.

The Islamic republic, with production severely hit by US sanctions, is however exempt from the December cuts agreement along with crisis-stricken pair Venezuela and Libya.

Falih was meanwhile swift to deflect criticism from Saudi Arabia's archfoe Iran that OPEC could "die" in the face of Riyadh and Moscow's deal.

"As Mark Twain said once, the reports of OPEC's death have been repeated many times, and every time it was ... greatly exaggerated," Falih told reporters earlier in the day.

Monday's meeting also followed an agreement between Trump and his Chinese counterpart Xi Jinping on the sidelines of the G20 to restart trade talks, reviving hopes of an end to their tariff war which has dented the outlook for energy demand and the global economy generally.

The cartel meanwhile remains on red alert over escalating US-Iran tensions that have also fuelled strong oil-price gains, particularly over disputed attacks on tankers in the Straits of Hormuz -- a vital passage for world oil supplies.

Yet global demand worries persist and the cartel has also lost considerable market share to the US, whose booming shale output has transformed it into the world's biggest oil producer ahead of Saudi Arabia.

OPEC agreed on Monday to extend by nine months daily oil output cuts aimed at supporting prices and soaking up excess supplies, following last weekend's G20 pact between cartel kingpin Saudi Arabia and non-member Russia.

OPEC agreed on Monday to extend by nine months daily oil output cuts aimed at supporting prices and soaking up excess supplies, following last weekend's G20 pact between cartel kingpin Saudi Arabia and non-member Russia. "We are very happy to announce that we have reached an agreement to extend for nine months the current production level," said OPEC president and Venezuelan Oil Minister Manuel Quevedo at the group's plush Vienna headquarters. The expected news followed an official ministerial output meeting of the 14-nation Organization of the Petroleum Exporting Countries (OPEC), which pumps just under one third of the world's oil. Members will gather again on Tuesday for OPEC+ - a grouping that comprises a total of 24 crude producers including Russia, Kazakhstan, Malaysia and Mexico - which is also expected to extend its collective production limits. The enlarged crude producing club had already decided in December to remove 1.2 million barrels per day from the market in a deal which ran through to the end of June. The original cutbacks, sparked after oil prices tanked at the end of last year on fears of slower global growth, sent the market surging by a third in the first three months of this year. The news nevertheless sent oil prices rallying on Monday, with sentiment boosted also by the China-US trade truce that was agreed at the G20 in Osaka. New York crude gained 62 cents to finish at $59.09 per barrel, while Brent oil added 32 cents to $65.06. "The G20 put a very nice backdrop to where we are today," said Saudi Arabia's Energy Minister Khalid al-Falih at a press conference announcing the extension. "The global economy looks a lot better than it did a couple of years ago because of the agreement reached between President (Donald) Trump and China." However, this week's OPEC action was largely overshadowed after Russian President Vladimir Putin and Saudi Arabia agreed Saturday on the sidelines of the G20 to extend the deal by between six and nine months, leaving only the time frame unclear. The cartel's ministers also agreed on Monday to establish a formal and permanent "charter of cooperation" between OPEC and non-OPEC nations, despite reservations from Iran. Falih said that Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin had met and "enthusiastically supported an extension for up to nine months". "There was no doubt in their minds that this (OPEC+) framework... has been extremely beneficial to producers as well as consumers, and of course to the global economy," Falih said. "They also gave us their support to (Russian Energy Minister Alexander) Novak and myself that they would welcome making this cooperation... a permanent framework that would always bring producers from both sides together." Novak had declared earlier Monday that "everyone" supported the proposition to extend production caps. The OPEC+ grouping, formed three years ago to combat slumping prices in the face of abundant supplies, together accounts for almost half of global crude. Iran had earlier slammed the Osaka move, arguing that OPEC did not simply exist to rubber-stamp a decision made outside of the cartel, but did nevertheless support the extension. The Islamic republic, with production severely hit by US sanctions, is however exempt from the December cuts agreement along with crisis-stricken pair Venezuela and Libya. Falih was meanwhile swift to deflect criticism from Saudi Arabia's archfoe Iran that OPEC could "die" in the face of Riyadh and Moscow's deal. "As Mark Twain said once, the reports of OPEC's death have been repeated many times, and every time it was ... greatly exaggerated," Falih told reporters earlier in the day. Monday's meeting also followed an agreement between Trump and his Chinese counterpart Xi Jinping on the sidelines of the G20 to restart trade talks, reviving hopes of an end to their tariff war which has dented the outlook for energy demand and the global economy generally. The cartel meanwhile remains on red alert over escalating US-Iran tensions that have also fuelled strong oil-price gains, particularly over disputed attacks on tankers in the Straits of Hormuz -- a vital passage for world oil supplies. Yet global demand worries persist and the cartel has also lost considerable market share to the US, whose booming shale output has transformed it into the world's biggest oil producer ahead of Saudi Arabia.

OPEC decides to extend oil output cuts after Saudi Arabia-Russia pact

Oil prices settled 2.2 per cent&nbsp;higher on Thursday after attacks on<a href="https://www.wionews.com/world/iran-behind-tanker-attack-in-gulf-of-oman-us-acting-ambassador-jonathan-cohen-226968"> two oil tankers in the Gulf of Oman</a> stoked concerns of reduced crude trade flows through one of the world's key shipping routes.

The attacks near Iran and the <a href="https://www.wionews.com/world/tanker-attacks-in-gulf-of-oman-stoke-security-and-oil-fears-226939">Strait of Hormuz reignited worries </a>about an impact to flows from the Middle East if insurance companies begin to reduce coverage for voyages through the region and additional shipping companies suspend new bookings, analysts said.

Such a disruption "could further exacerbate the supply problem," said Andy Lipow, an analyst at Lipow Oil Associates in Houston.

Brent crude futures settled up $1.34, or 2.23%, at $61.31, having risen as much as 4.5% to $62.64.

US&nbsp;West Texas Intermediate crude futures were up $1.14, or 2.23%, at $52.28 a barrel. WTI earlier rose as much as 4.5% to $53.45.

US&nbsp;stocks rose after two days of declines, with the S&amp;P energy index rising the most among the 11 major S&amp;P sectors.

Oil tanker owners DHT Holdings and Heidmar suspended new bookings to the Mid-East Gulf, three ship brokers said.

"This is the second attack in a month's time," said John Kilduff, a partner at Again Capital LLC in New York. "It raises the ante for insurance risk."

Tensions in the Middle East have escalated since US&nbsp;President Donald Trump withdrew from a 2015 multinational nuclear pact with Iran and reimposed sanctions, notably targeting Tehran's oil exports.

Iran, which has distanced itself from the previous attacks, has said it would not be cowed by what it called psychological warfare.

The episode also fed fears of a new confrontation between Iran and the United States, which blamed Tehran for the incident.

US&nbsp;Secretary of State Mike Pompeo said the United States has assessed Iran was behind the attacks, and arrived at its conclusion based on intelligence, weapons used and the level of expertise needed for the attacks on the tankers in the Gulf of Oman.

Also supporting oil bulls were signs that Organization of the Petroleum Exporting Countries (OPEC) members were close to agreeing on continued production cuts.

However, Analysts said the price swings were subdued by recent grim forecasts for global crude demand.

"It's a surprise that the market reaction has been so muted," said Derek Brower, a director at RS Energy Group. "For traders, worries about the weakening global oil-demand picture are front of mind and enough to trump real, live geopolitical threats to physical supply."

Global crude demand growth will come in at 70,000 barrels per day (bpd) less than previously expected this year, around 1.14 million bpd, OPEC projected in its monthly oil market report.

"Significant downside risks from escalating trade disputes spilling over to global demand growth remain," OPEC said in the report.

The US&nbsp;Energy Department this week lowered its forecast of global demand to 1.2 million bpd, down by 200,000 bpd from its May forecast.

Analysts have also revised global oil demand growth forecasts lower after the US-China trade war has escalated since last month with an expanding exchange of tariffs.

Energy consultancy FGE and British bank Barclays this week revised down their global oil demand growth forecasts to around 1 million bpd from around 1.3 million bpd.

The forecast revisions come as investors grow increasingly worried about trade talks between the United States and China, which may be revived at the G20 summit in Japan in late June.

"The market has settled into the idea that trade negotiations will be protracted," said Harry Tchilinguirian, global head of commodities research at BNP Paribas. "Naturally, the extension of trade disputes could weigh on economic growth."

Both crude benchmarks are set for their biggest daily rises since early January, but they are nevertheless headed for a weekly loss.

Oil prices had slumped in the previous session on an unexpected rise in US&nbsp;crude stockpiles and a dimming outlook for global oil demand.

Oil prices settled 2.2 per cent higher on Thursday after attacks on two oil tankers in the Gulf of Oman stoked concerns of reduced crude trade flows through one of the world's key shipping routes.

Oil prices settled 2.2 per cent higher on Thursday after attacks on two oil tankers in the Gulf of Oman stoked concerns of reduced crude trade flows through one of the world's key shipping routes. The attacks near Iran and the Strait of Hormuz reignited worries about an impact to flows from the Middle East if insurance companies begin to reduce coverage for voyages through the region and additional shipping companies suspend new bookings, analysts said. Such a disruption "could further exacerbate the supply problem," said Andy Lipow, an analyst at Lipow Oil Associates in Houston. Brent crude futures settled up $1.34, or 2.23%, at $61.31, having risen as much as 4.5% to $62.64. US West Texas Intermediate crude futures were up $1.14, or 2.23%, at $52.28 a barrel. WTI earlier rose as much as 4.5% to $53.45. US stocks rose after two days of declines, with the S&P energy index rising the most among the 11 major S&P sectors. Oil tanker owners DHT Holdings and Heidmar suspended new bookings to the Mid-East Gulf, three ship brokers said. "This is the second attack in a month's time," said John Kilduff, a partner at Again Capital LLC in New York. "It raises the ante for insurance risk." Tensions in the Middle East have escalated since US President Donald Trump withdrew from a 2015 multinational nuclear pact with Iran and reimposed sanctions, notably targeting Tehran's oil exports. Iran, which has distanced itself from the previous attacks, has said it would not be cowed by what it called psychological warfare. The episode also fed fears of a new confrontation between Iran and the United States, which blamed Tehran for the incident. US Secretary of State Mike Pompeo said the United States has assessed Iran was behind the attacks, and arrived at its conclusion based on intelligence, weapons used and the level of expertise needed for the attacks on the tankers in the Gulf of Oman. Also supporting oil bulls were signs that Organization of the Petroleum Exporting Countries (OPEC) members were close to agreeing on continued production cuts. However, Analysts said the price swings were subdued by recent grim forecasts for global crude demand. "It's a surprise that the market reaction has been so muted," said Derek Brower, a director at RS Energy Group. "For traders, worries about the weakening global oil-demand picture are front of mind and enough to trump real, live geopolitical threats to physical supply." Global crude demand growth will come in at 70,000 barrels per day (bpd) less than previously expected this year, around 1.14 million bpd, OPEC projected in its monthly oil market report. "Significant downside risks from escalating trade disputes spilling over to global demand growth remain," OPEC said in the report. The US Energy Department this week lowered its forecast of global demand to 1.2 million bpd, down by 200,000 bpd from its May forecast. Analysts have also revised global oil demand growth forecasts lower after the US-China trade war has escalated since last month with an expanding exchange of tariffs. Energy consultancy FGE and British bank Barclays this week revised down their global oil demand growth forecasts to around 1 million bpd from around 1.3 million bpd. The forecast revisions come as investors grow increasingly worried about trade talks between the United States and China, which may be revived at the G20 summit in Japan in late June. "The market has settled into the idea that trade negotiations will be protracted," said Harry Tchilinguirian, global head of commodities research at BNP Paribas. "Naturally, the extension of trade disputes could weigh on economic growth." Both crude benchmarks are set for their biggest daily rises since early January, but they are nevertheless headed for a weekly loss. Oil prices had slumped in the previous session on an unexpected rise in US crude stockpiles and a dimming outlook for global oil demand.

Oil prices surge over tanker attack in Gulf of Oman

Oil prices fell more than 1 per cent on Wednesday, weighed down by a weaker oil demand outlook and a rise in <a href="https://www.wionews.com/business-economy/oil-rises-as-saudi-sees-producers-sticking-with-ongoing-supply-cuts-225845">US crude inventories</a> despite growing expectations of ongoing OPEC-led supply cuts.

Brent crude futures, the international benchmark for oil prices, were down 87 cents, or 1.4 per cent, at $61.42 a barrel.

US West Texas Intermediate (WTI) crude futures were down 85 cents, or 1.6 per cent, at $52.41 per barrel.

The US Energy Information Administration (EIA) cut its forecasts for 2019 world oil demand growth and US crude oil production in a monthly report released on Tuesday.

The EIA lowered its 2019 world oil demand growth forecast by 160,000 barrels per day (bpd) to 1.22 million bpd and wound back its forecast for 2019 US crude production to 12.32 million bpd, 140,000 bpd less than the May forecast.

A surprise increase in US crude stockpiles also kept oil prices under pressure.

"Investors have been concerned about the recent rise in stockpiles in the US," ANZ bank said in a note.

US crude inventories rose by 4.9 million barrels in the week ended June 7 to 482.8 million barrels, according to data from the American Petroleum Institute (API) on Tuesday. That compared with analysts' expectations for a decrease of 481,000 barrels.

Official data from the Energy Information Administration (EIA) is due at 10:30 a.m. EDT (1430 GMT) on Wednesday.

Alongside concerns about rising supply, ongoing trade tensions between the United States and China, the world's two biggest oil consumers, weighed on prices. US President Donald Trump said on Tuesday he was holding up a trade deal with China.

"Oil prices have struggled to retain bullish gains as traders stay cautious over heightened geopolitical risks and persistent weakness in the global economic backdrop," said Benjamin Lu, commodities analyst at Phillips Future in Singapore.

With the next meeting of the Organization of the Petroleum Exporting Countries (OPEC) set for the end of June, the market is eyeing whether the world's major oil producers would prolong their supply cuts.

OPEC, along with non-members including Russia in a group called OPEC+, have limited their oil output by 1.2 million bpd since the start of the year to prop up prices.

The Energy Minister for the United Arab Emirates Suhail bin Mohammed al-Mazroui said on Tuesday that OPEC members were close to reaching an agreement on continuing production cuts.

OPEC is set to meet on June 25, followed by talks with its allies led by Russia on June 26. But Russia suggested a date change to July 3 to 4, sources within the group previously told Reuters.

Oil prices fell more than 1 per cent on Wednesday, weighed down by a weaker oil demand outlook and a rise in US crude inventories despite growing expectations of ongoing OPEC-led supply cuts.

Oil prices fell more than 1 per cent on Wednesday, weighed down by a weaker oil demand outlook and a rise in US crude inventories despite growing expectations of ongoing OPEC-led supply cuts. Brent crude futures, the international benchmark for oil prices, were down 87 cents, or 1.4 per cent, at $61.42 a barrel. US West Texas Intermediate (WTI) crude futures were down 85 cents, or 1.6 per cent, at $52.41 per barrel. The US Energy Information Administration (EIA) cut its forecasts for 2019 world oil demand growth and US crude oil production in a monthly report released on Tuesday. The EIA lowered its 2019 world oil demand growth forecast by 160,000 barrels per day (bpd) to 1.22 million bpd and wound back its forecast for 2019 US crude production to 12.32 million bpd, 140,000 bpd less than the May forecast. A surprise increase in US crude stockpiles also kept oil prices under pressure. "Investors have been concerned about the recent rise in stockpiles in the US," ANZ bank said in a note. US crude inventories rose by 4.9 million barrels in the week ended June 7 to 482.8 million barrels, according to data from the American Petroleum Institute (API) on Tuesday. That compared with analysts' expectations for a decrease of 481,000 barrels. Official data from the Energy Information Administration (EIA) is due at 10:30 a.m. EDT (1430 GMT) on Wednesday. Alongside concerns about rising supply, ongoing trade tensions between the United States and China, the world's two biggest oil consumers, weighed on prices. US President Donald Trump said on Tuesday he was holding up a trade deal with China. "Oil prices have struggled to retain bullish gains as traders stay cautious over heightened geopolitical risks and persistent weakness in the global economic backdrop," said Benjamin Lu, commodities analyst at Phillips Future in Singapore. With the next meeting of the Organization of the Petroleum Exporting Countries (OPEC) set for the end of June, the market is eyeing whether the world's major oil producers would prolong their supply cuts. OPEC, along with non-members including Russia in a group called OPEC+, have limited their oil output by 1.2 million bpd since the start of the year to prop up prices. The Energy Minister for the United Arab Emirates Suhail bin Mohammed al-Mazroui said on Tuesday that OPEC members were close to reaching an agreement on continuing production cuts. OPEC is set to meet on June 25, followed by talks with its allies led by Russia on June 26. But Russia suggested a date change to July 3 to 4, sources within the group previously told Reuters.

Oil prices fall on weak demand growth, rise in US crude stocks

Russia on Monday warned of a strong risk of global overproduction of oil that could lead crude prices to drop below $40 a barrel.

"There are really great risks of overproduction today," Russian Energy Minister Alexander Novak said during a meeting with Saudi counterpart Khalid al-Falih in Moscow.

"We have to analyse everything... in order to take a balanced decision in July," he said, referring to a key meeting of the so-called OPEC+ alliance between OPEC members and other oil-producing countries including Russia.

The alliance is set to meet in Vienna at the beginning of July according to the Saudi minister, to decide whether to extend an agreement on production levels.

Russia has agreed with OPEC member countries on cutting production of crude to build up prices after the crash of 2014-15.&nbsp;

The 25-member alliance agreed to cut output by 1.2 million barrels per day from the start of this year after oil prices dipped by more than 30 per cent late last year.

"Prices can drop below $40 and even down to $30 a barrel," Russian Finance Minister Anton Siluanov told lawmakers on Monday, quoted by Russian agencies.

Novak also said that such a scenario "cannot be ruled out".

"A lot depends on the situation on the market in the second and third quarter, from the balance of supply and demand, and how the situation develops with uncertainties, trade wars, and sanctions pressures on several countries," he said.

"We are working to take preventative steps to avoid the scenario that was discussed," Falih said regarding the prospects of prices falling to $30 a barrel, in translated comments.

Massive drops in exports by Iran and <a href="https://www.wionews.com/business-economy/venezuelas-oil-exports-drop-17-in-may-as-sanctions-kick-in-report-224373">Venezuela</a> plus the agreed output cuts implemented by the OPEC+ group since January have cut supplies.

US President Donald Trump has urged OPEC to boost oil production in order to tamp down rising prices.

Russia on Monday warned of a strong risk of global overproduction of oil that could lead crude prices to drop below $40 a barrel. "There are really great risks of overproduction today," Russian Energy Minister Alexander Novak said during a meeting with Saudi counterpart Khalid al-Falih in Moscow.

Russia on Monday warned of a strong risk of global overproduction of oil that could lead crude prices to drop below $40 a barrel. "There are really great risks of overproduction today," Russian Energy Minister Alexander Novak said during a meeting with Saudi counterpart Khalid al-Falih in Moscow. "We have to analyse everything... in order to take a balanced decision in July," he said, referring to a key meeting of the so-called OPEC+ alliance between OPEC members and other oil-producing countries including Russia. The alliance is set to meet in Vienna at the beginning of July according to the Saudi minister, to decide whether to extend an agreement on production levels. Russia has agreed with OPEC member countries on cutting production of crude to build up prices after the crash of 2014-15. The 25-member alliance agreed to cut output by 1.2 million barrels per day from the start of this year after oil prices dipped by more than 30 per cent late last year. "Prices can drop below $40 and even down to $30 a barrel," Russian Finance Minister Anton Siluanov told lawmakers on Monday, quoted by Russian agencies. Novak also said that such a scenario "cannot be ruled out". "A lot depends on the situation on the market in the second and third quarter, from the balance of supply and demand, and how the situation develops with uncertainties, trade wars, and sanctions pressures on several countries," he said. "We are working to take preventative steps to avoid the scenario that was discussed," Falih said regarding the prospects of prices falling to $30 a barrel, in translated comments. Massive drops in exports by Iran and Venezuela plus the agreed output cuts implemented by the OPEC+ group since January have cut supplies. US President Donald Trump has urged OPEC to boost oil production in order to tamp down rising prices.

Russia warns of 'great risk' of oil overproduction

Iran has no plans to leave the Organisation of the Petroleum Exporting Countries despite being treated like an enemy by some fellow members, Oil Minister Bijan Zanganeh said in an interview published on Saturday.

“Iran has no plans to leave OPEC...and regrets that some members of OPEC have turned this organisation into a political forum for confronting two founding members of OPEC, meaning Iran and Venezuela,” Zanganeh told the Iranian parliament news site ICANA.

“And two regional countries are showing enmity towards us in this organisation. We are not their enemy but they are showing enmity towards us...and (they) use oil as a weapon against us in the global market and world."

Zanganeh did not name the two countries.

Tensions between Iran and Saudi Arabia and the United Arab Emirates - both US allies - have spiked this year after the two said they would increase oil production to make up for Iranian crude cut off from the market by US sanctions.

On Friday, US President Donald Trump's administration added Iran's largest petrochemical holding group to its sanctions list, accusing it of indirectly supporting Tehran's Revolutionary Guards. Washington said the move aimed to dry up revenues to the elite Iranian military force but analysts called it largely symbolic.

Zanganeh was also quoted by ICANA as saying the United States had made it increasingly difficult for Iran to sidestep sanctions but it had come up with new ways to circumvent them.

"We have thought about confronting America's actions and constantly have found and will find new ways and anyway this is a war where we are standing strong and will not retreat," he said, without elaborating.

The Trump administration is seeking to isolate Iran over its nuclear and ballistic missile programmes as well as its support for proxy groups in Syria, Iraq, Lebanon and Yemen.

Iran has no plans to leave the Organisation of the Petroleum Exporting Countries despite being treated like an enemy by some fellow members, Oil Minister Bijan Zanganeh said in an interview published on Saturday.

Iran has no plans to leave the Organisation of the Petroleum Exporting Countries despite being treated like an enemy by some fellow members, Oil Minister Bijan Zanganeh said in an interview published on Saturday. “Iran has no plans to leave OPEC...and regrets that some members of OPEC have turned this organisation into a political forum for confronting two founding members of OPEC, meaning Iran and Venezuela,” Zanganeh told the Iranian parliament news site ICANA. “And two regional countries are showing enmity towards us in this organisation. We are not their enemy but they are showing enmity towards us...and (they) use oil as a weapon against us in the global market and world." Zanganeh did not name the two countries. Tensions between Iran and Saudi Arabia and the United Arab Emirates - both US allies - have spiked this year after the two said they would increase oil production to make up for Iranian crude cut off from the market by US sanctions. On Friday, US President Donald Trump's administration added Iran's largest petrochemical holding group to its sanctions list, accusing it of indirectly supporting Tehran's Revolutionary Guards. Washington said the move aimed to dry up revenues to the elite Iranian military force but analysts called it largely symbolic. Zanganeh was also quoted by ICANA as saying the United States had made it increasingly difficult for Iran to sidestep sanctions but it had come up with new ways to circumvent them. "We have thought about confronting America's actions and constantly have found and will find new ways and anyway this is a war where we are standing strong and will not retreat," he said, without elaborating. The Trump administration is seeking to isolate Iran over its nuclear and ballistic missile programmes as well as its support for proxy groups in Syria, Iraq, Lebanon and Yemen.

Iran has no plans to leave OPEC despite tensions: Oil minister

Oil prices rose around one per cent on Friday to move further away<a href="https://www.wionews.com/business-economy/international-oil-prices-fall-below-60-per-barrel-recovers-slightly-amid-rising-us-supply-stalling-economy-224824"> from five-month lows hit earlier</a> in the week, buoyed by a report that Washington could postpone trade tariffs on Mexico and signs OPEC and other producers may extend crude supply cuts.

Brent crude futures were up 50 cents, or 0.8 per cent, at $62.17 a barrel, having risen earlier to $62.41. They gained 1.7 per cent on Thursday.

US West Texas Intermediate crude futures were up 50 cents, or one per cent, at $53.09 per barrel, after trading as high as $53.33. They finished the previous session 1.8 per cent higher.

On Wednesday, Brent and WTI sank to their lowest levels since mid-January at $59.45 and $50.60 respectively, after US crude production hit a new record-high and stockpiles climbed to their highest since July 2017.

By then, both contracts were in bear-market territory, having lost more than 20 per cent from peaks reached in late April.

But on Thursday oil prices followed US stocks higher after Bloomberg News reported the United States is considering a delay in the tariffs on Mexico as talks continue.

"After prices hit the depth of the sewer this week, and (are) arguably in oversold territory, traders were always going to be predisposed to book profits ahead of the weekend," Stephen Innes, managing partner at Vanguard Markets said in a morning note.

Nevertheless, sentiment on prices remains dim as fresh signs emerge of a stalling global economy and ongoing concerns about growing US crude supply.

Prices had been supported by supply curbs by the Organization of the Petroleum Exporting Countries (OPEC) and some allies including Russia. Supply has also been limited by US sanctions on oil exports from Iran and Venezuela.

President Vladimir Putin said on Thursday that Russia had differences with OPEC over what constituted a fair price for oil, but that Moscow would take a joint decision on output at a policy meeting in coming weeks.

Oil prices rose around one per cent on Friday to move further away from five-month lows hit earlier in the week, buoyed by a report that Washington could postpone trade tariffs on Mexico and signs OPEC and other producers may extend crude supply cuts.

Oil prices rose around one per cent on Friday to move further away from five-month lows hit earlier in the week, buoyed by a report that Washington could postpone trade tariffs on Mexico and signs OPEC and other producers may extend crude supply cuts. Brent crude futures were up 50 cents, or 0.8 per cent, at $62.17 a barrel, having risen earlier to $62.41. They gained 1.7 per cent on Thursday. US West Texas Intermediate crude futures were up 50 cents, or one per cent, at $53.09 per barrel, after trading as high as $53.33. They finished the previous session 1.8 per cent higher. On Wednesday, Brent and WTI sank to their lowest levels since mid-January at $59.45 and $50.60 respectively, after US crude production hit a new record-high and stockpiles climbed to their highest since July 2017. By then, both contracts were in bear-market territory, having lost more than 20 per cent from peaks reached in late April. But on Thursday oil prices followed US stocks higher after Bloomberg News reported the United States is considering a delay in the tariffs on Mexico as talks continue. "After prices hit the depth of the sewer this week, and (are) arguably in oversold territory, traders were always going to be predisposed to book profits ahead of the weekend," Stephen Innes, managing partner at Vanguard Markets said in a morning note. Nevertheless, sentiment on prices remains dim as fresh signs emerge of a stalling global economy and ongoing concerns about growing US crude supply. Prices had been supported by supply curbs by the Organization of the Petroleum Exporting Countries (OPEC) and some allies including Russia. Supply has also been limited by US sanctions on oil exports from Iran and Venezuela. President Vladimir Putin said on Thursday that Russia had differences with OPEC over what constituted a fair price for oil, but that Moscow would take a joint decision on output at a policy meeting in coming weeks.

Oil prices rise over possible postponement of tariffs on Mexico, OPEC cuts

Oil prices steadied on Thursday after falling to near five-month lows in the previous session, but sentiment remained weak as markets are under pressure from rising <a href="https://www.wionews.com/business-economy/oil-prices-fall-on-rise-in-united-states-inventories-supply-worries-224433">US supply and a stalling economy</a>.

Front-month Brent crude futures were at $60.78 at 0246 GMT. That was 15 cents, or 0.3%, above last session's close.

US West Texas Intermediate (WTI) crude futures were at $51.84 per barrel, 16 cents, or 0.3%, above their last settlement.

Brent and WTI on Wednesday hit their lowest levels since mid-January at $59.45 and $50.60 per barrel, respectively, amid a surge in US crude inventories and record production, and as a global economic slowdown was starting to hit energy demand.

Despite Thursday's gains, <a href="https://www.wionews.com/world/us-says-countries-buying-iranian-oil-will-be-subject-to-sanctions-223000">oil markets have moved</a> into bear territory as defined by a 20 per cent fall from recent peaks reached in late April.

US crude production rose to a record 124.4 million barrels per day (bpd) in the week to May 31, the Energy Information Administration (EIA) said on Wednesday, an increase of 1.63 million bpd since May 2018.

Amid surging output, US commercial crude inventories surged by 6.8 million in week to May 31, to 483.26 million barrels, their highest levels since July 2017.

"Rising US production is more than offsetting the efforts from the OPEC+ and if we add the negative effect a trade war could have on energy demand the result is lower prices," said Alfonso Esparza, senior analyst at futures brokerage OANDA.

The Middle East-dominated producer club of the Organization of the Petroleum Exporting Countries (OPEC) and some non-affiliated producers including Russia, known as OPEC+, have been withholding oil supply since the start of the year to prop up the market.

But outside OPEC+ supply has been&nbsp;rising, not just in the United States.&nbsp;Oil output at Kazakhstan's Kashagan field reached a record 400,000 bpd this week, industry sources said.

Output rose after completion of maintenance in May. Prior to that, production at Kashagan was about 330,000 to 340,000 bpd.

With supply ample despite the OPEC-led cuts, much will depend on demand.

Bank of America Merrill Lynch said this week "global oil demand growth is running at the weakest rate since 2012" at below 1 million bpd, and that this was "leading the selloff" in oil prices recently.

Global economic growth took a dip late last year before recovering in early 2019, but analysts now warn growth is stalling again.

"The nascent recovery has stalled amid trade tensions," Morgan Stanley said.

The US bank said it expected this downturn to result in "the lowest growth rate since global financial crisis" of 2008/2009.

Oil prices steadied on Thursday after falling to near five-month lows in the previous session, but sentiment remained weak as markets are under pressure from rising US supply and a stalling economy.

Oil prices steadied on Thursday after falling to near five-month lows in the previous session, but sentiment remained weak as markets are under pressure from rising US supply and a stalling economy. Front-month Brent crude futures were at $60.78 at 0246 GMT. That was 15 cents, or 0.3%, above last session's close. US West Texas Intermediate (WTI) crude futures were at $51.84 per barrel, 16 cents, or 0.3%, above their last settlement. Brent and WTI on Wednesday hit their lowest levels since mid-January at $59.45 and $50.60 per barrel, respectively, amid a surge in US crude inventories and record production, and as a global economic slowdown was starting to hit energy demand. Despite Thursday's gains, oil markets have moved into bear territory as defined by a 20 per cent fall from recent peaks reached in late April. US crude production rose to a record 124.4 million barrels per day (bpd) in the week to May 31, the Energy Information Administration (EIA) said on Wednesday, an increase of 1.63 million bpd since May 2018. Amid surging output, US commercial crude inventories surged by 6.8 million in week to May 31, to 483.26 million barrels, their highest levels since July 2017. "Rising US production is more than offsetting the efforts from the OPEC+ and if we add the negative effect a trade war could have on energy demand the result is lower prices," said Alfonso Esparza, senior analyst at futures brokerage OANDA. The Middle East-dominated producer club of the Organization of the Petroleum Exporting Countries (OPEC) and some non-affiliated producers including Russia, known as OPEC+, have been withholding oil supply since the start of the year to prop up the market. But outside OPEC+ supply has been rising, not just in the United States. Oil output at Kazakhstan's Kashagan field reached a record 400,000 bpd this week, industry sources said. Output rose after completion of maintenance in May. Prior to that, production at Kashagan was about 330,000 to 340,000 bpd. With supply ample despite the OPEC-led cuts, much will depend on demand. Bank of America Merrill Lynch said this week "global oil demand growth is running at the weakest rate since 2012" at below 1 million bpd, and that this was "leading the selloff" in oil prices recently. Global economic growth took a dip late last year before recovering in early 2019, but analysts now warn growth is stalling again. "The nascent recovery has stalled amid trade tensions," Morgan Stanley said. The US bank said it expected this downturn to result in "the lowest growth rate since global financial crisis" of 2008/2009.

International oil prices fall below $60 per barrel; recovers slightly amid rising US supply, stalling economy

Oil prices edged up on Tuesday on signs that producer club OPEC will continue withholding supply this year and as tensions between the United States and Iran escalated.

Brent crude futures, the international benchmark for oil prices, were at $72.07 per barrel at 0033 GMT, up 10 cents, or 0.1 per cent, from their last close.

US West Texas Intermediate (WTI) crude futures were up by 14 cents, or 0.2 per cent, at $63.24 per barrel.

"Oil prices opened higher, after OPEC held onto its production cut deal," said ANZ on Tuesday.

The Organization of the Petroleum Exporting Countries (OPEC), Russia and other non-member producers have been withholding production since the start of the year to prop up the market.

A meeting has been scheduled for June 25-26 to discuss the policy, but the cartel is now considering moving the event to July 3-4, according to OPEC sources on Monday, with its de-facto leader Saudi Arabia signalling a willingness to continue withholding output.

Meanwhile, US President Donald Trump on Monday threatened Iran with "great force" if it attacked US interests in the Middle East. This came after a rocket attack in Iraq's capital Baghdad, which Washington suspects to have been organised by militia with ties to Iran.

ANZ bank said the rising tension in the Middle East meant a "risk premium is reflected in the price" of crude oil.

Oil prices edged up on Tuesday on signs that producer club OPEC will continue withholding supply this year and as tensions between the United States and Iran escalated.

Oil prices edged up on Tuesday on signs that producer club OPEC will continue withholding supply this year and as tensions between the United States and Iran escalated. Brent crude futures, the international benchmark for oil prices, were at $72.07 per barrel at 0033 GMT, up 10 cents, or 0.1 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were up by 14 cents, or 0.2 per cent, at $63.24 per barrel. "Oil prices opened higher, after OPEC held onto its production cut deal," said ANZ on Tuesday. The Organization of the Petroleum Exporting Countries (OPEC), Russia and other non-member producers have been withholding production since the start of the year to prop up the market. A meeting has been scheduled for June 25-26 to discuss the policy, but the cartel is now considering moving the event to July 3-4, according to OPEC sources on Monday, with its de-facto leader Saudi Arabia signalling a willingness to continue withholding output. Meanwhile, US President Donald Trump on Monday threatened Iran with "great force" if it attacked US interests in the Middle East. This came after a rocket attack in Iraq's capital Baghdad, which Washington suspects to have been organised by militia with ties to Iran. ANZ bank said the rising tension in the Middle East meant a "risk premium is reflected in the price" of crude oil.

Oil prices rise on rising Middle East tension, ongoing OPEC supply cut

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