World Oil Prices Jump Following OPEC Meeting

Brent weekly chart

Turkey has said it could cut off a pipeline that carries oil from northern Iraq to the global market, putting more pressure on the Kurdish autonomous region over its independence referendum.

Brent crude rose 43 cents, or 0.8 percent, to settle at $56.86, a penny shy of the session high which was also the highest since March.

OPEC and non-OPEC producers reached an agreement in December 2016 to curtail oil output jointly and ease a global glut after more than two years of low prices.

The production cuts, as well as increasing demand from industrialised... The U.S. government on Wednesday announced a build of 4.6 million barrels for the week ended September 15.

"I believe that January is the earliest date when we can actually, credibly speak about the state of the market", Russian Energy Minister Alexander Novak said after the Organization of the Petroleum Exporting Countries and other major producers finished meeting. "Demand is very strong and that provides a positive backdrop for the market", she told CNBC TV channel.

"The market anticipates that OPEC and non-OPEC (exporters) are going to continue with their production cuts through 2018", president of Lipow Oil Associates, Andy Lipow, said.

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"There are forecasts that demand could pass the threshold of 100 million barrels per day (bpd) of crude and liquids even in the next months or next year", Eni Trading and Shipping Chief Executive Franco Magnani said at the conference.

The US Energy Information Administration said that shale production is expected to rise for the tenth consecutive month in October.

The discount of the WTI to Brent futures widened to $6.61, the widest since August 2015.

The result is that, while official forecasts as recently as last month pointed to United States crude production reaching 9.82 million barrels per day (bpd) by December 2017, the Domestic Energy Producers Alliance sees it at 9.35 million bpd.

USA energy firms cut the number of oil rigs operating for a third week as a 14-month drilling recovery stalled.

USA crude prices have lagged behind Brent's gains amid a large oversupply exacerbated by Hurricane Harvey, which forced the closure of almost 25% of US refining capacity, Reuters reported. In Europe, ARA products were down 3.8 per cent last week and are at par with year-ago levels at 40.34 million barrels. What's noteworthy about these moves is that they pushed oil 20% above its bottom in June, which means crude is now officially in bull market territory. Which in general corresponds to the policy of the United States, which under Trump's rule intend to support its shale companies, and for this objective there is nothing better than rising oil prices.

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