Oil hits highest in almost two weeks on Asian equity recovery

Crude oil extends gains, but upside limited as dollar edges up

Crude oil extends gains, but upside limited as dollar edges up

And the IEA continues to beat the same drum. This is an additional blow to America's already-reduced imports from Nigeria starting in 2012, when USA shale production took off.

The Organization of the Petroleum Exporting Countries and other producers including Russian Federation have extended their output curb agreement until the end of 2018.

The US dollar dropped back on Wednesday and is now down 12pc over the past year against the country's major trading partners.

There are, of course, gainers and losers from consistently lower oil prices.

"There is still a commitment by OPEC to continue to tighten the market", Phil Flynn, senior market analyst at Price Futures Group Inc.in Chicago, said by telephone.

"In just three months to November, US crude output increased by a colossal 846,000 barrels per day (bpd) and will soon overtake that of Saudi Arabia".

OPEC and its partners chose to extend its production cuts till the end of 2018 in Vienna on November 30, as the oil cartel and its allies step up their attempt to end a three-year supply glut that has savaged crude prices and the global energy industry.

The US Energy Information Administration has in the meantime also reported two consecutive weekly crude oil inventory builds after more than two months of declines.

People break social and cultural taboos to attend Asma Jahangir's funeral
A fierce defender of democracy, Jahangir was a critic of Pakistan's powerful military establishment and Islamic extremists. The positions are honorary and the experts are not United Nations staff, nor are they paid for their work.

For decades, Saudi Arabia was the voice of moderation within OPEC, pushing back against the urging of members like Venezuela and Iran for higher oil prices.

But soaring United States production is threatening to erode Opec's efforts.

Oil markets were split on Tuesday, with USA crude was pushed up by reduced flows from Canada while worldwide Brent prices eased. That threatens the oil exporter's plans regardless of tent size.

Barkindo said compliance past year stood at 107%.

The Joint Technical Committee, which includes officials from both OPEC nations and allies from outside the group, based its rebalancing scenario on the assumption that Libya and Nigeria keep output at January levels and other participants in the deal maintain compliance with cuts, the people said, asking not to be identified because the discussions were private.

Crude rallied last week following two straight weeks of declines.

Asian shares are trading higher, helping to underpin the crude oil market. But in recent weeks, differentials in key European and USA markets such as North Sea Forties, Russia's Urals, West Texas Intermediate in Midland, Texas, and the Atlantic diesel market have fallen to multi-month lows, suggesting less robust demand, Reuters underlined.

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