In May, OPEC and non-OPEC members led by Russian Federation agreed to extend production cuts of 1.8 million barrels per day for a period of nine months until March 2018 in a bid to reduce global oil inventories and support oil prices.
U.S. West Texas Intermediate (WTI) crude futures dipped 21 cents, or around 0.4%, to $50.45 a barrel by 3:50AM ET (0750GMT), not far from a four-month high of $51.11 touched last week.
The front-month contract in Brent, the global oil benchmark, settled up $0.14, or 0.3%, at $56.43 a barrel on London's Intercontinental Exchange. The OPEC-led group implemented more than 100 percent of its agreed cuts last month and fuel stockpiles have been "massively drained", OPEC Secretary-General Mohammad Barkindo said Friday in Vienna. But Hurricane Harvey's strike on Texas last month was a game changer as flooding from the storm shut down a quarter of the USA oil refining capacity of nearly 18 million bpd, sparking huge drawdowns in fuel inventories and prompting refiners to process as much crude as they could on their return.
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On its website, the USGS said that it "cannot conclusively confirm at this time the nature ( natural or human-made) of the event". It imposes a 180-day ban on vessels and aircraft that have visited North Korea from visiting the US.
Russian Federation joined in the call to say the oil market is rebalancing.
"Continued declining USA oil rigs and continued declining inventories is giving support to oil", said Bjarne Schieldrop, chief commodities analyst at SEB in Oslo.
The outlook for the global oil market is improving and OPEC members will keep pressing onward until it balances, Barkindo said in a video message at a conference in Singapore on Monday.
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The wider Nifty50 of the National Stock Exchange (NSE) fell by 19.25 points, or 0.19 per cent, to close at 10,121.90 points. At 9:56 am, the Sensex was trading 208 points higher at 32483 level and the Nifty rose 78.10 points 10,162 level.
OPEC and its allies have been considering extending the deal beyond the end of March when it is due to expire. However, it's not possible to say whether the deal will need to be extended until closer to expiry, Kuwait's Oil Minister Issam Almarzooq said. But, with production recovering, OPEC ministers agreed in July Nigeria would cap output at 1.8 million bpd.
"OPEC's compliance has been acceptable overall". USA crude for November delivery was down 20 cents at $50.46, but not far off recent four-month highs.
The EIA (U.S. Energy Information Administration) estimates that Cushing crude oil inventories rose by 703,000 barrels to 59.7 MMbbls (million barrels) on September 8-15, 2017.
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Kachikwu noted that even though Nigeria hit 1.802 million barrels per day in the month of August that was not enough justification for a call by some countries for Nigeria to be brought into the fold.