Global benchmark Brent crude futures rose 1.55 per cent to $57.74 per barrel while U.S. benchmark West Texas Intermediate traded up 1.3 per cent at $51.32 per barrel at the time of writing.
The rally in oil showed little signs of slowing on Friday, with Brent hitting six-month highs above $56 a barrel on optimism that OPEC will not flood the market with supplies despite its decision not to extend production cuts through next year.
And other analysts were skeptical about further price gains due to increased refining and higher crude output from the United States.
Oil prices burst out of the gate this week, rising more than 3% on Monday.
U.S. West Texas Intermediate (WTI) crude futures dipped 0.16% to $50.58 a barrel by close of trade, not far from its highest level since May 25 at $51.11 reached on Wednesday.
Furthermore, oil prices have gained over 30% since June as global inventories have tightened following expanding demand from industrialised countries as well as emerging markets for the first time in almost a decade. That said, while the market is pinning its hopes on OPEC, the wild card for higher prices is shale, which has become the new swing producer. The EIA revised lower US oil production for 2017 from 9.35 million barrel per day to 9.25 million barrels per day a 100k barrel a day decrease. A gathering in Vienna last week between OPEC and its allies ended with no decision on an extension or deepening of the cuts beyond the first quarter of 2018, while the potential revival of USA shale production is also weighing on the outlook for prices.
Turkey repeated a threat to cut off the pipeline that carries 500,000-600,000 barrels per day (bpd) of crude from northern Iraq to the Turkish port of Ceyhan.
Even as both contracts rallied, concerns about USA production growth weighed on WTI, widening its discount, he said.
Geoffrey Craig, an oil futures editor at Platts, said in an emailed report the market situation is still anything but normal. EIA also revised lower 2018 US oil production from 9.91 million b/d to 9.84 million b/d, a 70k b/d decrease.
The OPEC, Russia and several other producers have cut production by about 1.8 million barrels per day since the start of 2017, helping lift oil prices by about 15% in the past three months.
The Energy Information Administration reported Wednesday that total USA crude production rose by 157,000 barrels a day to 9.510 million barrels while US crude supplies rose by roughly 4.6 million barrels for the week ended September 15. The deal was extended in May through March 2018 and signatories have recently indicated a willingness to potentially hold back production through next year.
Kuwaiti Oil Minister Essam al-Marzouq, who chaired the meeting, said the market "is evidently well on its way towards rebalancing".
"We're seeing more and more evidence that it's not the global oil companies, it's not the independent oil companies that are lagging new investments, but it's OPEC countries lagging, particularly those five", he said.
Much of this production will be exported as USA refiners along the Gulf Coast aren't capable of processing more light crude, having been set up to deal more with heavier and sour grades from offshore Gulf of Mexico platforms and imports from the Middle East.
According to the hurricane centre, Maria is about 75 miles (120 km) east of Punta Cana, Dominican Republic. Many hospitals are flooded, heavily damaged and running exclusively on gas generators, reports Reuters .
McCain also was one of three Republican senators to vote down the earlier attempt by Republicans to repeal Obamacare in July. I know they are acting consistently with their beliefs and sense of what is best for the country.
The other notable film in theaters this weekend: Darren Aronofsky's " mother! " starring Jennifer Lawrence . Not bad films, to be clear, more films that, if they don't side with them, people tend to outright hate.
North Korean textile exports in 2016 totaled $750 million, according to South Korea's Korea Trade-Investment Promotion Agency. Trump asserted that North Korea's reckless pursuit of nuclear weapons threatens entire world with huge loss of human life.
Clinton's new book about the campaign was released last week, and Trump has repeatedly used Twitter to deride her as a sore loser. Reuters reported. "The "deplorables" came back to haunt Hillary". "It doesn't help, I think, in terms of his stature".
Apple has cut some of the clutter from its iTunes software by removing the ability to buy and transfer iOS apps from the program. It's no longer a place for Apple users to get apps, instead, they would have to rely on the iOS App Store .
Mel B had used her Golden Buzzer for Darci Lynne and there is no question she is a favorite of the judges and the audience to win. On Wednesday, the most-watched season of America's Got Talent came to a close, and the country voted on the new champion.
Air Berlin announced on Monday that it would end its flights to the Caribbean from Düsseldorf beginning September 24. Air Berlin continues to operate due to a 150 million euro ($180 milliom) credit loan from the German government.
It gets high-performance battery which can be charged to 80% of its energy capacity in 30 minutes using a fast-charging system. Buzz, which will be a modern day reincarnation of the VW Microbus that was so popular with Grateful Dead fans.
A South Korean expert said the quake could have been caused by geological stress created from the recent nuclear explosion. We can not conclusively confirm at this time the nature (natural or human-made) of the event.
New Zealand-based Z Energy (ZEL.NZ) said it was informed of the leak in the 170-kilometer-long pipeline on Thursday afternoon. However, closer inspection has shown that the damaged section needs to be replaced.
They said that a bullet hit Bahadur on the left side of his abdomen and succumbed to injuries on the way to hospital. BSF troops guarding the border, retaliated the firing and gave a befitting reply while on civilian was also injured.
Lions Roar Past Iowa On Final Play
If that sounds like a contradiction, it should, because those two angles should not exist in the same football game. Johnson and Hamilton were running crossing post patterns, and McSorley fit the ball in a "windshield wiper" window.
Kenyan chief justice vows to protect rule of law
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Phillies pitcher somehow catches a comebacker in his jersey
The grand slam was just the latest in a string of home run firsts for the pitcher who still leads the majors in ERA (2.26). The offensive outburst turned a loss into a win for Pivetta, who allowed just the two first-inning runs in six innings.
Ryanair publishes full six-week flight cancellation list
That provides for compensation and a host of other rights for passengers in the event of delay or cancellation of a flight. The cancellations brought bad publicity for an airline which has worked hard over the past few years to improve its image.
'Lucky' ace vaults Day into share of clubhouse lead
The following year, he won his second World Golf Championship, the Arnold Palmer Invitational and The Players Championship. Leishman, though, was able to pick up two shots on Day and Fowler, who each shot 70.
Jose Downgraded to Tropical Storm
The future path for Jose seems to change everyday, however it is now inching closer to the east coast of the U.S. The category one storm, meandering south of the island, nonetheless remains a potential threat to Bermuda.