Oil price tops $60 for first time in more than two years

West Texas Intermediate Crude Oil

The deal has already been extended through March 2018, but many market participants are now anticipating that it will be pushed even further out, something Saudi Arabia and Russian Federation - the world's two largest crude producers, favor, people familiar with the matter said earlier this week. Brent crude last week nudged above $60 a barrel.

Markets have been supported by comments from Saudi Arabia's energy minister earlier this week reiterating the kingdom's determination to end a global supply glut that has weighed on prices for more than three years.

When asked if the U.S.is prepared for any fallout that occurs as a result of Venezuela defaulting, U.S. Senator Marco Rubio replied, "The world markets are going to react to that; certainly, their creditors are".

Following the sharp increase in the crude oil price, according to oil experts, the government might consider some upward revision in the domestic petroleum product.

Oil slipped on Thursday, pressured by an unexpected increase in USA crude inventories, high USA production and exports, but stayed near multi-month highs on support from tighter crude markets. Analysts and traders surveyed by The Wall Street Journal had been expecting crude inventories to have decreased by 2.2 million barrels, on average.

Kurdish authorities on Wednesday offered to suspend their independence drive, but Baghdad said it would continue its offensive to retake Kurdish territory.

Brent oil rose 1 percent on Tuesday after top exporter Saudi Arabia said it was determined to end a supply glut, while prices also drew support from forecasts of a further drop in US crude inventories as well as nervousness over tensions in Iraqi Kurdistan. The week before, Iraq exported just 423,000 bpd to the U.S.

They are expected to discuss extending the deal at a meeting in Vienna on November 30. At that time, the OPEC-led group may announce an extension of the production cuts beyond the March deadline.

The bullish comments helped turn sentiment on oil prices positive amid investor concerns over recent data showing both US crude supplies and domestic production jumped last week.

EIA reported US crude oil production at 9.5 million barrels per day last week, 1.1 million barrels per day more than the previous week.

The $60 threshold is one that oil producing nations and bullish investors have been eyeing all year.

Despite this bullish news, gains may be limited, however, because US companies may continue to produce at a record pace.

Related news:

Hot News

isis-killer-beheading-video-story-top Koreans Hold 3rd 'Most Powerful' Passport in the World
Oct 28, 2017 - 01:14
Singapore's top ranking this year is attributed to Paraguays removal of visa requirements for Singaporeans. Koreans hold the third most welcome passport in the world, going by a handy index from an investment firm.

isis-killer-beheading-video-story-top Wisconsin man gets locked in beer cooler, starts drinking
Oct 28, 2017 - 01:12
The Daily Tribune reports the man entered the cooler at a Kwik Trip convenience store in Marshfield around 11:50pm. According to police records, the incident happened at the Kwik Trip on Central Avenue in Marshfield.

isis-killer-beheading-video-story-top New dash cam video of 10-year-old leading police on chase
Oct 28, 2017 - 01:11
A Cleveland police report shows that the boy previously stole his mother's 2013 Dodge Charger on October 16. Once officers began to chase the young driver, speeds of more than 100 miles per hour were reported.

isis-killer-beheading-video-story-top National park fee increase could price out many visitors
Oct 28, 2017 - 01:11
There is no proposed fee increase for the annual pass for the whole park system, but those for specific parks will increase. In fact, in 2016 NPS had a record-breaking 331 million visits, almost eight per cent more than the year before.

isis-killer-beheading-video-story-top Twitter Posts Strong Earnings Despite Inflated User Numbers, Vows to Fight Harassment
Oct 28, 2017 - 01:07
It now says the issue was first there in the fourth quarter of 2016, and has made adjustments for it and the following quarters. On a call with investors, CEO Jack Dorsey reiterated that Twitter is intently focused on improving safety for users.

isis-killer-beheading-video-story-top Government working on new consumer protection law: Modi
Oct 27, 2017 - 01:00
The developer will not be able to divert fund as 70% of the money has to be kept in an escrow account. He said, a new business culture has been started after the GST and consumer will be most benefited.

isis-killer-beheading-video-story-top Samsung Galaxy Android 8.0 Oreo Beta Start Date Rumored
Oct 27, 2017 - 00:57
A less likely to happen rumor is that Samsung will release the two variants in January 2018. With the Oreo update, Samsung phones are going to get a wide range of new features.

isis-killer-beheading-video-story-top Cha Ching! Colin Kaepernick Reportedly Agrees To $1 Million Book Contract
Oct 27, 2017 - 00:57
The protests grew this season after President Donald Trump criticized National Football League players who chose to follow suit. The invitation will be extended by the players, not the league, Lockhart said on the league's weekly conference call.

isis-killer-beheading-video-story-top Girardi out as Yankees manager
Oct 27, 2017 - 00:56
Joe Girardi won't return as the Yankees ' manager, according to a report from David Kaplan of ESPN 1000 in Chicago . He guided the club to the World Series title in 2009 and six playoff appearances.

isis-killer-beheading-video-story-top Amazon Key lets delivery people inside your house
Oct 27, 2017 - 00:56
When a delivery driver arrives at the house to leave an Amazon package, he or she notifies the homeowner who is away. A notification, mentioning the expected time of arrival, is sent to the customer on the delivery day.

isis-killer-beheading-video-story-top Microsoft earnings: 84 cents a share vs 72 cents EPS expected
Oct 27, 2017 - 00:53
Dynamics products and cloud services revenues increased by 13 percent, driven by Dynamics 365 revenue growth of 69 percent. Microsoft returned $4.8 billion to shareholders during its first fiscal quarter through dividends and share buybacks.

isis-killer-beheading-video-story-top UK GDP shows higher-than-predicted growth in Q3
Oct 27, 2017 - 00:40
The UK economy grew faster than expected in the third quarter, according to the first estimate released by the ONS this morning. The Monetary Policy Committee (MPC), led by Bank of England Governor Mark Carney ( pictured ), will meet next on 2 November.

isis-killer-beheading-video-story-top Metal Gear Survive Begins the Post-Kojima Era in February
Oct 26, 2017 - 01:10
It's also one of the first major games Konami is releasing since it made a decision to focus other endeavors, like slot machines. The spinoff to the Metal Gear series, Metal Gear Survive , now has a release date after being delayed out of 2017.

isis-killer-beheading-video-story-top Chelsea 2-1 Everton: Clear Eyes, Full Hearts, Still Lost
Oct 26, 2017 - 01:06
The short socked one was better in the second half, but Unsy wasn't given much reason to not re-insert Idrissa Gueye on Sunday. And he has started his newest stint as caretaker manager by ordering his troops to make the trip to Stamford Bridge by train.

isis-killer-beheading-video-story-top Halep defends her title of number 1 in Singapore
Oct 26, 2017 - 01:04
The French player beat Svitolina for the second time this month, after that in Beijing they played a +3 hour quarter-final match. A rattled Halep said she needed to regroup from the one-sided rout.