Crude oil rallies amid talk of OPEC production cut deal extension

Nigeria ready to play OPEC ball, Russia says

On Friday it said the reduction had helped to lift oil prices by about 15% in the past three months. But it's too early for them to start celebrating just yet. "The more favourable supply-demand dynamic could see Brent crude reach $60 per barrel and two-year highs this year".

When asked if his country would adjust its own output if required, Zanganeh replied that Iran "will consider everything within the framework of our national interest and cooperation with OPEC".

That took Brent's premium to USA crude futures to $6.50 a barrel, the biggest gap since August 2015.

And there you have it.

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Crude oil prices gained in Asia on Friday ahead of a meeting of OPEC and allied nations in an output curb pact that is expected to be short and sweet, but Goldman Sachs has said it does not expect an extension of the production curbs to be announced. The number of oil rigs in the U.S. fell by 5 last week, the third consecutive drop. We should expect output growth in the States and Canada.

U.S. crude oil stockpiles jumped last week as imports and production increased, the U.S. Energy Information Administration said, as operations resumed from the impact of Hurricane Harvey which hit the Gulf Coast on August 25.

"In spite of increases from USA shale production, that kind of increase is enough to sop up" excess oil supply, Lipow said. Good news for Opec then.

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, had consistently maintained that although Nigeria's production recovery efforts have made some appreciable progress since October 2016, the levels were still unstable to warrant the push to bring her into the deal.

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That over produced three sixes, two fours and a total of 25 runs and Moeen Ali reached his 50 that came in 41 balls. Plunkett then had both Shai Hope (20) and Marlon Samuels (11) caught behind, the latter on a tight review.

But there is a sting in the tail. There was a discussion about monitoring exports along with production but there was no concrete announcement on that front.

Turkey can "close the valves" on oil shipments from Kurdistan, Turkish President Recep Tayyip Erdogan said.

Oil prices have been volatile and sometimes stuck in a range this year as OPEC attempts to clear the world oil glut were often met with skepticism by traders and investors. It appears that the price level the group is seeking to achieve simply stimulates growth in rival supply.

The big unanswered question, though, is whether or not the OPEC/non-OPEC production cuts should be extended. There's a risk of a market squeeze emerging as early as 2018 because of weaker investment in exploration and development, Citigroup's head of commodities research said. Prices have rebounded since then to over $59.

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