Oil jumped more than 2% to its highest in more than three weeks on Monday, topping $52 a barrel after Saudi Arabia and Russian Federation said that supply cuts need to last into 2018, a step towards extending an Organization of the Petroleum Exporting Countries (Opec)-led deal to support prices for longer than first agreed.
But oil at above Dollars 50 a barrel has, in turn, attracted higher-cost producers in the United States back to the market, and frantic American drilling will push non-OPEC supply throughout the year, the IEA predicted.
Oil jumped to its highest level in two weeks after the Saudi Arabian and Russian energy ministers said they are in favor of extending a production-cut deal for nine months. Together, they control around 20 million bpd in daily output, equivalent to a fifth of daily global consumption.
If OPEC fails to reach a deal in May, experts predict another drastic slump in oil prices and some economic problems for the global economy.
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Gold prices are trading modestly higher in pre-U.S. session trading.
Vladimir Putin, Russia's president, said later yesterday: "It's right that the decision was made not for two, three, four months but for nine months".
On Monday, Russian and Saudi energy ministers said in a joint statement that Moscow and Riyadh meant to propose a 9-month extension of the current Vienna agreement on oil output cuts on the existing conditions at the OPEC ministerial meeting in late May.
It seems likely that the current deal amongst Opec nations and some other key oil producing nations will be extended. He said the longer extension was needed to balance supply and demand on the global oil market.
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Supplies of gasoline probably dropped 1 million to 240 million barrels while inventories of distillate fuel, a category that includes diesel and heating oil, slipped 1.25 million to 147.5 million barrels last week.
According to Novak, extending the agreement exactly for 9 months will help with a longer-term market forecast and give a greater certainty in terms of market recovery.
Even so, McGillian said, "We still have a near record overhang and signs of increasing production in areas of the world outside the producers that agreed to the cuts".
An agreement to cut production was reached in September last year, but the deal was due to run out later this year.
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US drilling activity last week rose to its highest in two years, while USA production has jumped more than 10 percent since its mid-2016 trough.