Overall, the renewed bullish sentiment in the market is a bet that global oil inventories will continue to drain as a result of both OPEC output cuts and stronger demand, and that this process will happen faster than USA shale and other producers outside the OPEC agreement can bring on new supplies and get them to market.
Figures released Wednesday by the Energy Information Administration revealed that crude inventories fell by 1.8 million barrels in the week to September 22, compared with analysts' expectations for an increase of 3.4 million barrels. "We have reached a price level with which even OPEC is likely to be satisfied".
PublicInvest Research has maintained its "overweight" recommendation on the oil and gas (O&G) sector, premised on the stabilisation of prices at higher levels, thereby encouraging a return in activity.
West Texas Intermediate, the US benchmark for the price of crude oil, was around $48 per barrel early Thursday.
Oil has entered a bull market on forecasts for rising demand, the return of U.S. Gulf Coast refiners after Hurricane Harvey, and as Turkey threatened to halt Kurdish crude exports through its territory.
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US crude futures slid 54 cents to $51.68 a barrel, after hitting a five-month high of $52.43.
Exports reportedly rose over 500,000 barrels a day on the week to 1.49 million barrels a day- "the highest weekly level ever on EIA records", said Vincent.
Abu Dhabi: OPEC will discuss extending production cuts that have boosted oil prices and imposing output quotas on all cartel members at a November meeting in Vienna, an Emirati minister said Monday.
USA crude prices have lagged behind Brent's gains amid a large oversupply exacerbated by Hurricane Harvey, which forced the closure of almost 25% of US refining capacity, Reuters reported.
Over the same time span, WTI and Brent crude oil prices grew larger by 75 cents and $1.76 cents mounting up to $49.08 and $55.70 respectively. The OPEC deal seems to finally be bearing fruit in the form of a sharp decline in global crude oil inventories.
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Oil prices were trading at multi-month highs on Monday, continuing a rally that brought Brent crude within $1 of its 2017 high.
The number of oil rigs operating in United States fields has plateaued recently.
The U.S. Energy Information Administration said production from wells in shale formations would rise for a 10th month in a row in October.
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