Oil rises to as OPEC and Russian Federation say cuts working

Oil down

Oil down

Opec, which counts Iran, Iraq, Kuwait, Saudi Arabia and Venezuela among its 14 members, agreed with Russian Federation and several other producers previous year to cut production by about 1.8m barrels a day from the start of 2017.

London Brent crude delivery for November slipped 8¢ to $56.78 a barrel, while the USA crude fell roughly 15¢ to a value of $50.51 per barrel, reported Reuters.

A potential squeeze on oil supply if Kurdish crude flows suffer disruption after the region's independence vote has pushed Brent futures' premium over rival benchmarks to multi-year highs.

The UAE, another key OPEC member, also stated it expects to achieve a compliance rate of almost 100%.

Futures rose as much as 1.4 percent in London to the highest since February 2.

Those in the oil market fearing a flood of OPEC supply next year will probably be better off preparing for a shortage, according to Citigroup Inc.

Indore ODI: Australia bat, Finch returns
During that period he reverted back to his earlier, unsuccessful method of attempting to manufacture boundaries from good balls. Australia's cause was not helped by a relatively straightforward catch turfed by new wicketkeeper Peter Handscomb .

Participants have been considering extending the deal beyond the end of March 2018 when it is due to expire.

Oil has advanced this month on forecasts of strong demand and as U.S. Gulf Coast refineries resume operations after Hurricane Harvey.

Elsewhere, in the USA, market participants mulled over data showing the number of oil rigs continued to decline, suggesting a possible tightening in domestic production. U.S. Treasury Secretary Steve Mnuchin on Sunday said President Donald Trump wants to avoid nuclear war with North Korea and "will do everything we can" to avoid conflict.

"OPEC's actions are working and compliance is acceptable overall, although there needs to be some change", Zanganeh said, as quoted by Bloomberg. However, it's not possible to say whether the deal will need to be extended until closer to expiry, Kuwait's Oil Minister Issam Almarzooq said.

Iraq's production in August reached 3.216 million barrels per day. Nigeria will be prepared to cap its crude production when it has stabilised at 1.8 million barrels per day, he said.

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