Oil prices rise amid OPEC comments

Why Are Oil Prices Not Popping Out Of 1 Year Long Range

Saudi Arabia and Russian Federation are now leading consultations between OPEC and other major suppliers about the future of their agreement to cut oil output, Barkindo said on Sunday in New Delhi.

"Given its short-cycle nature and large sensitivity to price, the recent strengthening in oil prices to over $50 per barrel on a calendar 2018 basis could well stem the decline in rig activity, and positively impact production within six to nine months", the report read.

In an official statement, Minister for Petroleum and Natural Gas, Dharmendra Pradhan, said in today's oversupplied market, it was important for producers to understand the perspective of consuming countries and the changes that have taken place in these demand centres.

Last November, major oil producers agreed to cut output as a response to the global supply glut that had been pushing down prices for almost two years. The cuts have helped revive crude, which had fallen to half its 2014 peak.

Analysts said the supply cuts, as well as strong demand, would likely provide price support heading towards the end of the year.

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"Saudi Arabia is once again demonstrating extraordinary leadership in its commitment to re-balancing the market, as we approach the upcoming key meeting of November 30 in Vienna, by restraining not only the top-line of production volume, but even more importantly the bottom line of exports, which are what ultimately shape global inventories and market balances", the ministry said.

At 0610 GMT, December WTI Crude Oil is trading $49.83, up $0.18 or +0.36% and January Brent Crude Oil is at $55.54, up $0.18 or +0.33%.

A day after crude prices fell 3% following a Reuters survey indicating that OPEC ramped up output in September, OPEC Secretary-General Mohammad Barkindo attempted to ease concerns over falling compliance with the deal to curb output.

The 24 producers that agreed to pump less oil are looking forward to welcoming additional participants in the accord, Barkindo said, without identifying any possible newcomers. The difference, or spread, between Brent and WTI makes US oil competitive on the global market and BofA-Merrill Lynch said it saw few future constraints for USA exports.

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