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Jubilation as oil price heads higher

Jubilation as oil price heads higher

The deal was extended in May through March 2018.

The price of a barrel of oil has topped $60 for the first time in more than two years on rising expectations of a renewed deal to cut supplies. "We will support anything to stabilise the oil demand and supply", Saudi Arabia's Crown Prince Mohammad bin Salman told Reuters on Thursday when asked whether the kingdom would support extending an agreement to cut supplies until the end of 2018.

The worldwide benchmark rose as high as $60.53 before 1930 GMT, gaining 2 percent after closing at $59.30 Thursday.

US crude inventories rose by 856,000 barrels last week, US Energy Information Administration (EIA) data showed on Wednesday, versus analysts' forecast for a 2.6 million-barrel draw.

Oil on track for weekly gains of 2%.

Meanwhile, global oil demand keeps rising.

Crude oil prices standing more or less still in early Thursday trading, with signs pointing to a make-or-break price point for USA oil production.

Dow opens above 23000, powered by IBM (IBM, ABT, CVS, CMG)
Winners and Losers: Freeport-McMoRan sunk 2.23 percent after Deutsche Bank downgraded the mining company's stock to "Sell". The S&P 500 index added 1.90 points to 2,561.26 and the Nasdaq composite index eked out 0.56 of point to 6,624.22.


However, the announcement on Friday of a ceasefire between Iraqi forces and the Peshmerga from the country's autonomous northern Kurdish region eased some concerns.

"The exports are ripping higher", Loewen said.

"I think the combination of short-covering and Chevron and Exxon both missing their production guidance for the third quarter has resulted in the market strength today", said Scott Shelton, energy futures broker with ICAP in Durham, North Carolina.

Given oil's implied volatility of 24.1%, USA crude oil futures could close between $50.88 and $54.40 per barrel in the next seven days with a probability of about 68%. That sent WTI's discount to global marker Brent to the widest in a month.

The Organization of the Petroleum Exporting Countries and some non-OPEC producers including Russian Federation have pledged to reduce production by around 1.8 million barrels per day (bpd) until the end of March 2018 to drain a global supply glut.

Echoing sentiments about a so-called Goldilocks number, Tamas Varga with London oil broker PVM said in an emailed market report that US crude oil production numbers may be the governor on market direction. While demand has yet to catch up to elevated supplies, rebounding economies in Europe and steady economic growth in the USA could at least keep oil prices steady around current levels in the second half of 2017.


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