Commodities - Crude Oil Gains In Asia As API Estimates Support

Shifting Supply Shrinks Crude Differentials

Some ministers from the Organization of the Petroleum Exporting Countries, Russia and other producers were meeting in Vienna to discuss their deal to cut supplies that runs to March.

Minister of state for Petroleum Resources, Emmanuel Kachikwu, who led Nigeria's delegation to the meeting, argued that though Nigeria's production recovery efforts have made some appreciable progress since October previous year, Nigeria is not yet out of the woods.

Jim Ritterbusch of Ritterbusch & Associates in Chicago said delaying a decision allows producers "to leave some arrows in their quiver to throw something bullish at the market at their November meeting" if necessary.

USA benchmark, November West Texas Intermediate crude US:CLV7 lost 5 cents, or 0.1%, to $50.51 a barrel on the New York Mercantile Exchange.

Fishing for reasons behind the change in sentiment, John Kilduff founding partner at Again Capital, suggested that crude has risen high enough to tempt countries to boost production above agreed levels, and that "compliance looks to be a bit of an issue" if prices rise much further than where they are now. Many analysts now expect them to extend the deal, possibly to the end of next year.

Oil is on track for only its third monthly gain for this year as supply cuts by OPEC and partners, such as Russian Federation, showed signs of whittling the worldwide crude glut.

U.S. crude inventories rose for a third straight week, by 4.6 million barrels in the week ending September 15, the Energy Information Administration said Wednesday.

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Last year, the cartel signed a historic deal to curb oil production for the first time in eight years.

This, he said, was because he believed that the committee was doing a good job and needed to also clarify Nigeria's position on its crude oil production.

Russia's oil minister Alexander Novak and his Kuwaiti counterpart Issam Almarzooq this week said it was too early to talk about extending cuts.

Minister of Petroleum Bijan Zangeneh on Thursday said Iran had a major quarrel with non-OPEC producers over its push to win back the market share but it did not back off in the face of "many bad things which were said". Obviously we will not produce that.

Caps for both Libya and Nigeria were discussed but not finalized at Friday's meeting.

The President of the OPEC Conference, Khalid Al-Falih, who is also the Saudi Arabian Minister of Energy, Industry and Mineral Resources, also expressed his support for the JMMC, while reiterating his country's commitment to the success of the agreement.

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