US West Texas Intermediate (WTI) crude futures were at $61.02 a barrel, up 42 cents, or 0.7 per cent from their last settlement, adding to a 2.4pc gain in the previous session.
By mid morning in London, Brent was down 0.72% at $65.22 a barrel, while Nymex WTI gained 0.81% to $62.05.
No other news agency and virtually no analysts have yet come forth to discuss the implications of a chief OPEC member and its top ally admitting that a preferred way of determining crude stockpile number s is deeply flawed, and this left the field open for the ever-optimistic Emmanuel Ibe Kachikwu, oil minister for Nigeria (one of many countries attempting to boost rather than reduce production), to tell media that he is "not ruffled" by the recent oil price decline and OPEC member nations need to focus on their production costs.
More fundamentally, oil markets got a push from comments by Saudi Arabia, the de-facto leader of the Opec, voicing support for production cuts backed by Opec and other producers including Russian Federation since 2017 in an effort to tighten the market and prop up prices.
In any case the growing USA production threatens to undermine OPEC's efforts.
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OPEC and non-OPEC producers reached an agreement in December 2016 to curtail oil output jointly and ease a global glut after more than two years of low prices. The IEA expects USA crude output to reach 11 million bpd in 2018. So, imports could be higher in coming months as well.
Oil headed toward its highest close in two weeks on investor optimism after Opec's secretary general said the market's journey toward equilibrium is gaining traction. The EIA (Energy Information Administration) monthly report suggested a revision in US November output to above 10 mbpd.
The first is to embrace the adoption of renewable energies, the second is to leverage natural gas (including shale) reserves, and the third "and possibly most important" action is to expand down the value chain, it said, using hydrocarbons to produce higher value products such as petrochenicals, and to undertake industrial activities, such as metals smelting, which require lots of energy use. "Rising shale oil production will prove a headwind for the oil price for a while yet".
UMW Oil and Gas Corp Bhd rose 1.5 sen or 4.69% to 33.5 sen, with 20.35 million shares traded, valuing the company at RM2.71 billion.
Gold prices rose further last Thursday, supported by a weaker dollar as investors bought the yellow metal as a hedge against inflation after a faster-than-expected rise in United States consumer prices last month. It hit its highest since January 26 at $1,355.50 on Wednesday, and has gained almost 4pc since it dropped to a one-month low last week.