Fuel prices to hit seven-month high this week

IKBY President barzani we are ready to have constructive conversations with Iraq

Emmanuel Kachikwu, minister of state for petroleum resources, who led Nigeria's delegation to the meeting, argued that though Nigeria's production recovery efforts have made some appreciable progress since October past year, Nigeria is not yet out of the woods. It is good news for the Nigerian economy as the price of crude oil stood at $54.59 per barrel.

Oil has advanced this month on forecasts of strong demand and as U.S. Gulf Coast refineries resume operations after Hurricane Harvey. The closures represent about 2 percent of total USA refining capacity.

The Organization of the Petroleum Exporting Countries and other oil producers are clearing a glut that has weighed on crude prices for three years and may wait until January before deciding whether to extend their output curbs beyond the first quarter of 2018, ministers said on Friday.

State-run oil refiner CPC Corp. A rise in Cushing crude oil inventories is bearish for crude oil (UWT) (DWT) (USO) prices. Meanwhile, drillers in America have continued to reduce activity, with rigs targeting crude falling for a third straight week to the lowest since June, according to Baker Hughes Inc.




That is equivalent to only around 0.5 percent of global daily production, but rising nervousness about potential disruptions helped send November Brent futures up by more than 2 percent on Monday to around $58 a barrel, its highest since July 2015. West Texas Intermediate, the USA benchmark, was up 1 percent to $51.17 per barrel.

The committee's next meeting is set for November 29 in Vienna, just a day ahead of OPEC's regularly scheduled meeting.

Turkey has said it could cut off a pipeline that carries oil from northern Iraq to the global market, putting more pressure on the Kurdish autonomous region over its independence referendum. Risk consultant group Verisk Maplecroft reported that Turkey could respond by blocking oil deliveries from the Kurdish north to its Mediterranean ports.

Russian Federation joined in the call to say the oil market is rebalancing.

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