Brent hits $60 for first time in two years

U.S. Crude Slips On Inventory Build Gasoline Rallies

U.S. Crude Slips On Inventory Build Gasoline Rallies

While OPEC is cutting back to alleviate price pressures, USA fracking companies could jump to capitalize on the windfall as crude oil prices jump back above $50 per barrel - according to some estimates, shale oil producers can get by with oil at just over $50 per barrel due to advancements in technology and drilling techniques that have helped cut down costs.

Saudi Arabia's Crown Prince Mohammad bin Salman told Reuters on Thursday the kingdom would support extending the output cut in a bid to stabilize oil demand and supply.

Brent futures rose $1.14, or 1.9 percent, to settle at $60.44 a barrel after hitting a session peak of $60.53, the highest since July 2015 and more than 35 percent above 2017 lows touched in June. West Texas Intermediate, the US benchmark for the price of oil, was more or less unchanged at $52.21 per barrel.

Oil on track for weekly gains of 2%. US crude rose 4.7 percent for the week. A forecast from the EIA, meanwhile, said expectations for WTI are what drive its forecast for crude oil production.

USA drillers added one oil rig in the week to October 27, but the rig count fell by 13 for the month, the biggest such decline since May 2016, data showed on Friday.

Friday's announcement of ceasefire between Iraqi forces and the Peshmerga from the country's autonomous northern Kurdish region eased some concerns.

"The exports are ripping higher", Loewen said.

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A weaker dollar makes greenback-denominated commodities, including oil, cheaper for holders of other currencies.

Given oil's implied volatility of 24.1%, United States crude oil futures could close between $50.88 and $54.40 per barrel in the next seven days with a probability of about 68%. We're also seeing record exports at close to 2 million barrels a day, helped by the widening Brent-WTI spread.

Iraq surpassed Saudi Arabia as a crude supplier to the U.S.in September, and it's poised to repeat that this month.

Echoing sentiments about a so-called Goldilocks number, Tamas Varga with London oil broker PVM said in an emailed market report that USA crude oil production numbers may be the governor on market direction.

The Organization of the Petroleum Exporting Countries (OPEC), plus Russian Federation and nine other producers have cut oil output by about 1.8 million barrels per day (bpd) since January.

Rising U.S. crude production remains an issue for OPEC as it strives to clear a global supply overhang.

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