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19 May 2017, 10:37 | Jan Cross
Production cuts were expected to be extended by six months, but the likelihood of a longer agreement has given the market more confidence that the push could significantly reduce global oversupply.
On Wednesday, the rise in both benchmarks was seen after the news of drop down came in USA crude inventories and a dip in US output.
After settling Thursday at three-week highs, light, sweet crude futures for delivery in June on the New York Mercantile Exchange were recently up 0.8% at $49.73 a barrel in the Globex electronic session.
US crude stockpiles declined 1.75 MMbbl to 520.8 MMbbl last week, down from a record 535.5 million at the end of March, according to the Energy Information Administration.
Oil futures rose on Friday to the highest in almost a month on growing optimism that big producing countries will extend output cuts to curb a persistent glut in crude, with key benchmarks heading for a second week of gains.
In April, OPEC crude production saw its largest year-on-year decline in nearly three years as cartel members cut output by 535,000 bpd compared to the same period a year ago.
OPEC is scheduled to meet on 25 May to decide the production policy and extension of the deal by nine months.
USA crude production has climbed 10 per cent since mid-2016 to 9.3 million barrels per day, close to levels from top producers Russian Federation and Saudi Arabia.
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At 6:05pm BST, the Brent front month futures contract was up 0.80% or 42 cents to $52.63 per barrel, holding firm above the psychological $50 level.
The downward correction eroded gains from the previous session when prices rose on the back of a drawdown in United States crude inventories and a slight dip in American production. "Still, we shall see demand growth of around 1.3 million barrels a day outpace supply growth by at least 500,000 barrels a day".
OPEC and other producers are due to discuss an extension during an OPEC meeting on Thursday.
"Therefore, a drastic downward shift in the market conditions will not lead to a rapid collapse of the USA oil production", reads last week's report from Norway-based consultancy Rystad Energy.
The report showed that Saudi Arabia, the biggest producer in the group, recorded the second largest increase in April as it produced 9.946 million bpd, after recording a slide from 9.9 million bpd in March.
Oil prices have gained support from the supply cut pact but high inventories and rising USA production have acted as a brake on the recovery.
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