Investing.com – Crude was motivated for weekly gains of 2% to the back of support for the extension in the production curb. Was developed morning trade, oil prices were clawing back from prior losses and breached positive territory.
The U.S. West Texas Intermediate crude December contract gained 30 cents, or 0.57%, to $52.94 a barrel by 9:52AM ET (13:52GMT).
Elsewhere, Brent oil for December delivery about the ICE Futures Exchange working in london rose 10 cents, or 0.17%, to $59.40 a barrel.
Oil prices have moved higher immediately on speculation which the Organization with the Petroleum Exporting Countries (OPEC) will agree to extend an arrangement to slice levels of production as a way to rebalance this market.
The original agreement, struck nearly a year ago between OPEC and 10 other non-OPEC countries led by Russia, ended up being cut production by 1.8 million barrels daily for 6 months. The agreement ended up being extended in May for this year for nine months until March 2018 in the bid to minimize global oil inventories and support oil prices.
Crude rose nearly 1% on Thursday after Saudi Arabian Crown Prince Mohammed bin Salman revealed that the highest oil exporter had to extend production cuts to be able to stabilize markets, suggesting deal for another nine month extension.
Russian President Vladimir Putin said in Moscow earlier this year that November was too quickly to make a decision, but, at the same time, added that he doesn’t remove an extension cord to your end of 2018.
On Friday, OPEC’s Secretary General Mohammad Barkindo revealed that “OPEC welcomes the clear guidance with the crown prince of Saudi Arabia within the need to achieve stable oil markets and sustain it in the evening first quarter of 2018.”
“Plus the statement expressed by President Putin this clears the fog on the way to (the cartel’s next meeting in) Vienna on November 30,” he incorporated comments to Reuters.
Later on Friday, market participants may even be mindful of increasing U.S. shale production when Baker Hughes releases its hottest weekly rig count data.
Last week the oilfield services firm said that its weekly count of oil rigs operating within the U.S. fell by seven to 736, chalking up its third straight decline to your lowest level since June.
Elsewhere on Nymex, gasoline futures for November delivery fell 0.21% at $1.7476 a gallon by 9:53AM ET (13:53GMT), while November heating oil gained 0.23% to $1.8462 a gallon.
Natural gas futures for November delivery traded down 3.43% to $2.791 per million British thermal units.
