Oil prices settle up on demand forecasts, Kurdistan tensions

Why Are Oil Prices Not Popping Out Of 1 Year Long Range

On Wednesday, OPEC forecast higher demand for its oil in 2018 and said its production-cutting deal with rival producers was clearing the glut after more than three years.

Goldman added that it expects a modest surplus in 2018, as a marginally smaller increase in USA shale oil output is offset by an acceleration of growth in other non-OPEC supplies as new projects come online, and higher premitted production from Libya and Nigeria.

Saudi Arabia said it pumped 9.97 million barrels per day in September, up about 22,000 barrels per day from August, but below its OPEC target.

Saudi Arabia and Russian Federation helped secure a deal between the Organization of the Petroleum Exporting Countries and 10 rival producers to cut output by about 1.8 million barrels per day (bpd) until the end of March 2018 in an effort to reduce a glut.

"It is a big market and demand is very strong".

"This news shortly follows the historic visit of the Saudi King to Moscow, and we know that both of these nations are among the highest contributors to global oil production", said Ahmad.

OPEC, along with other producers including Russian Federation, agreed to cut output by 1.8 million barrels per day (bpd) through March 2018 to balance the market.

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Let's take a closer look at five oil-related stocks that you may want to consider ahead of next month's OPEC meeting.

However it doesn't see prices climbing soon.

Goldman Sachs expects prices for prompt delivery of Brent crude oil to remain high, supported by falling inventory levels and by OPEC's drive to curb production.

"A rise above that level would encourage U.S. oil producers to expand their drilling activities, otherwise the lower prices could lead to a reduction" in investments, it added.

Brent crude and West Texas Intermediate started the week with gains after yesterday OPEC's Secretary General, Mohammed Barkindo, said the cartel may have to take some "extraordinary measures" to restore the oil market stability.

A sharp increase in oil prices would tend to discourage consumption and thus growth.

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