Oil prices soar on output-cut expectation

The average price of Oman oil for November delivery stabilised at $54.02

December WTI Crude Oil settled at $52.18, down $0.29 or -0.55% and January Brent Crude Oil finished at $58.23, up $0.06 or +0.10%.

USA crude futures rose $1.26, or 2.39%, to $53.90 a barrel - an eight-month high.

"If OPEC and their non-OPEC partners can agree to extend their production curtailments through 2018, then we estimate the oil market will remain in modest under-supply until 2019", USA investment bank Jefferies said.

Oil prices jumped about 2 percent on Friday, with global benchmark Brent crude rising above $60 per barrel, on support among the world's top producers for extending a deal to rein in output and as the dollar retreated from three-month peaks. Production rebounded from a falloff due to Hurricane Nate, and imports rose.

However, gasoline and diesel supplies fell by 5.5 million barrels and 5.2 million barrels, respectively, according to the Energy Information Administration.

USA crude's gains have lagged the global benchmark amid rising domestic output.

RBOB futures rose 1.1 per cent to $1.7341 a gallon.

"Demand has been a little stronger than some people might have anticipated as we pushed out of the driving season, and that's where today's strength is coming from", said Gene McGillian, manager of research at Tradition Energy in Stamford, Conn.

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Answering a question on whether he supported extending the production cut agreement, Prince Salman said "of course" and insisted that Opec "need to continue stabilizing the market", fuelling investor expectations that support for prolonged cuts is growing among Opec members.

Crude oil prices standing more or less still in early Thursday trading, with signs pointing to a make-or-break price point for US oil production. At that time, the OPEC-led group may announce an extension of the production cuts beyond the March deadline.

OPEC and some major producers outside the cartel, including Russian Federation, first agreed late a year ago to cap their production at around 1.8 million barrels a day lower than peak October 2016 levels, with the aim of alleviating global oversupply and boosting prices.

Their remarks came ahead of a meeting on 30 November to be attended by oil ministers.

"Saudi Arabia's determination to rebalance the market, together with ongoing geopolitical tensions in the Middle East, will remain supportive of oil prices", said Abhishek Kumar, senior energy analyst at Interfax Energy's Global Gas Analytics in London.

US crude production, meanwhile, surged to 9.5m barrels per day (bpd) as daily exports of crude, diesel and other petroleum products climbed to 7.66m barrels last week, the EIA said Wednesday.

Some of the concern around oil exports from the northern part of Iraq eased after Kurdish authorities offered to suspend their independence referendum and proposed ceasefire.

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