Brent crude premium to WTI lures record United States flows

Oil Price Fundamental Daily Forecast – Brent Needs Production Cut Extension to Sustain Rally Over $60.00

Brent crude futures settled up 11 cents at $58.44 a barrel.

Saudi Arabia and Russia-the world's two largest crude producers-want to extend the deal through the end of next year, people familiar with the matter said Wednesday.

US crude futures rose $1.26, or 2.39%, to $53.90 a barrel - an eight-month high.

Crude Oil prices struggled for direction as investors weighed the recent uptick in US crude supplies and production against growing expectations that Opec would extend its supply-cut agreement amid bullish comments from Saudi Arabian Crown Prince Mohammed bin Salman.

The increase in the oil price comes after Saudi Arabia and Russian Federation declared their support for extending a global deal to cut oil supplies for another nine months.

Southeast Asia's net crude oil imports will more than double to 5.5 million bpd by 2040 as the region adds new refining capacity to meet rising demand while regional oil output falls, according to the International Energy Agency (IEA).

US drillers added one oil rig in the week to October 27, but the rig count, an indicator of future production, fell by 13 for the month, the biggest such decline since May 2016, data showed.

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RBOB futures rose 1.1 per cent to $1.7341 a gallon. At that time, the OPEC-led group may announce an extension of the production cuts beyond the March deadline.

Their remarks came ahead of a meeting on 30 November to be attended by oil ministers.

Oil slipped on Thursday, pressured by an unexpected increase in USA crude inventories, high USA production and exports, but stayed near multi-month highs on support from tighter crude markets.

The dollar trimmed its earlier gains versus a basket of currencies following a Bloomberg report that U.S. President Donald Trump is leaning toward Federal Reserve Governor Jerome Powell as his pick to head the U.S. central bank.

"Saudi Arabia's determination to rebalance the market, together with ongoing geopolitical tensions in the Middle East, will remain supportive of oil prices", said Abhishek Kumar, senior energy analyst at Interfax Energy's Global Gas Analytics in London.

Traders were apparently not swayed by U.S. Energy Information Administration (EIA) data showing on Wednesday that U.S. crude inventories rose by 856,000 barrels last week compared to an expected 2.6 million barrel draw; U.S. crude production also rose 1.1 million barrels per day (bpd) last week to 9.5 million bpd after a decline due to Hurricane Nate, while U.S. oil exports hit a new record four-week average of 1.7 million bpd.

Some of the concern around oil exports from the northern part of Iraq eased after Kurdish authorities offered to suspend their independence referendum and proposed ceasefire.

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