Published: Tue, October 24, 2017
Economy | By Melissa Porter

World oil prices up

World oil prices up

In that vein, the Organization of the Petroleum Exporting Countries said that in September, its members and countries those outside OPEC achieved 120% compliance with the current output agreement.

Opec, Russia and a number of other oil producers are cutting output until March 2018 in an effort to boost the price of crude.

WTI Crude oil is trading at $52.09, up +0.52% as of 8:45 GMT.

"It seems like there's an bad lot of competing drivers. and crude seems confused", said Stewart Glickman, head of energy research at CFRA Research in NY.

As per the pattern, a break above could lead towards $53-$55.

The number of USA rigs drilling for new oil fell by seven to 736 in the week to October 20, the lowest level since June, energy services firm Baker Hughes said on Friday.

But analysts said the reduction in drilling rigs in the United States could prove temporary as activity had been restrained by hurricane threats.

"The oil market still remains deaf in one ear and is responding primarily to price-supportive news", said Commerzbank in a recent note.

"However, the turn down in drilling has yet to temper the optimism of most forecasts of USA output growth in 2018".

The oil producer cartel also said Saturday that "all options are left" for rebalancing the market. U.S crude inventories likely fell for the fifth straight week, a preliminary Reuters poll showed on Monday.

Typically, the pipeline transports about 600,000 bpd.

A shipping agent said loading delays at one of Iraq's single point moorings, where crude tankers are loaded, had contributed to the lower export rate.

Oil prices swung between gains and losses on Monday, as traders digested upbeat signals from OPEC, supply disruptions in Iraq and a drop in USA drilling activity.

"There is spare capacity in the US and in OPEC nations that makes it hard for Brent to go above $60, so it is stuck in a relatively small range", said Olivier Jakob, managing director at oil consultancy Petromatrix.

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