Oil Prices Hit 2 Year High

Brent oil eases but remains in sight of 2015 highs

Moreover, the number of rigs operating in USA oil fields fell by four to a total of 744 rigs this week, according to data released by oilfield service firm Baker Hughes on Friday.

He added that if a meeting is needed for the cartel to decide whether to extend the cuts, "we'll arrange it". Currently OPEC and NON-OPEC compliance is above 100% capping off its best behavior ever.

The state-owned company calculates weekly fuel prices based on a weighted oil price formula made up of 70 percent Dubai crude and 30 percent Brent crude and adjusts fuel prices upward or downward on a weekly basis, depending on the price of global crude. They will also discuss the issue of oil production growth in Libya and Nigeria, which are both outside of the agreement.

"The market is OK, but these levels are beginning to look a little precarious", said Robin Bieber, technical chart analyst at London brokerage PVM Oil Associates.

The price of Brent crude oil - the global benchmark - was around the $57 per barrel level.

Citigroup says that there's more likely to be a persistent shortage of oil than a big jump in supply in the coming quarters.

USA production has jumped back to pre-hurricane levels at 9.51 mbps but growth seems to have plateaued if the rig count is an indication.

The MD said NPDC had successfully turnaround OML 40 asset from 0 bpd to 12, 000 bpd which underlined the company's rising profile as the seventh largest owner and operator of Floating Production Storage and Offloading (FPSO) in Nigeria, with FPSO Mystra having 1.03 million of crude producibility.

Dr. Mohammad Barkindo, Secretary General of OPEC added that: "It seems nearly unbelievable that we are about to move into the fourth quarter of 2017, so quickly has this year passed". Backwardation, contango's opposite, was one of OPEC's key goals with the output cuts-discouraging the storage of crude oil and driving oversupply down. "In addition to the hurricanes, it is also a weakening of the USA currency".

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The price of OPEC basket also rocketed by 1.14 cents surging to a $52.82 per barrel.

"The assessments will reflect the price prevailing during the close of the market in Asia, taking into account the rise or fall in the movement of cash WTI from the time of the assessment at the US market close at 2:15 pm Eastern Standard Time, until the Asian close", Platts said.

Distillate inventories fell again this week, by 4.527 million barrels.

In August, OECD stocks were 190 million barrels above the 5-year average compared to an excess of 219 million in July.

Oman crude oil prices continued to rally on Tuesday to a more than three-year high amid strong demand.

Other signs there could be a restriction in oil supplies has also been pushing up prices. "We travel a lot here and prices going higher are sometimes a huge cost for us", said Rahul Rajeev, an Indian student. We are seeing strong growth in global demand and global macroeconomic indicators are being revised upwards.

Hurricane Harvey disrupted about 25 percent of U.S. refining capacity and half a dozen U.S. Gulf Coast ports and pipelines late last month, which has led to a buildup of crude stocks. Recently, the WTI futures contract had been straddling the $50.30 level.

Oman crude traded at $55.60 at the Dubai Mercantile Exchange on Friday for November delivery, which was $0.42 above the previous day's trading, and the highest in six months. Buying on dips is advised targeting higher resistance at Rs 3,350-3,370 range.

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