Crude oil rallies amid talk of OPEC production cut deal extension

Nigeria ready to play OPEC ball, Russia says

London Brent crude for November delivery was down 8 cents at $56.78 a barrel by 0614 GMT, near the highest since March.

Erdogan's threat to shut off the main pipeline in northern Iraq comes as the region held an independence referendum to see whether it should become an autonomous Kurdish region, something the Turkish President strongly opposes.

Iran expects to maintain overall crude and condensate exports at around 2.6 million bpd for the rest of this year, a senior official from the country's state oil company said.

In backwardation, prices for future delivery are cheaper than the cost of oil for immediate shipment.

What is the outlook for oil as prices slip into bear market territory?

Oil prices jumped to their highest for more than two years on Monday after major producers said output cuts were squeezing supplies. West Texas Intermediate, the US benchmark for the price of oil, was down 0.77 percent to $51.82 per barrel.

"While the risks of a few countries aggressively increasing production next year still exists, the recent discussions are supportive of our base case forecast of a gradual ramp up in OPEC production next year from March onward", analysts at Goldman Sachs said in a note.

The prospect of losing that supply, combined with the 1.8 million barrels a day of supply cuts by the Organisation of the Petroleum Exporting Countries (OPEC) and other non-OPEC producers, has raised supply fears, analysts said. Major oil producers convening in Vienna for an OPEC-led committee meeting on Friday boasted record compliance with their production-cut agreement, but, as expected, chose to wait a bit longer to see if any further action was needed. West Texas Intermediate crude remained about $4 below its 2017 high, but topped $51 a barrel for the first time in four months.

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The wellhead was uncapped, and oil gushed higher overnight with Brent rising almost four percent and WTI three percent.

Mr Hamm, chief executive of Continental Resources, the biggest leaseholder and producer in the Bakken oil basin, said he didn't believe that now was the right time to start hedging next year's production.

Last week, OPEC praised itself for achieving the highest compliance rate since the cuts began.

"Nigeria is ready to reduce production at the level of 1.8 million barrels per day and join the agreement once it reaches the target", he was quoted by Russian news agency Tass as saying.

Resurgent production from USA shale oil producers, who use advanced drilling methods, has played a major role in delaying the market rebalancing.

For the construction sector, the price of oil is very important, and oil moving above $55 is a welcomed sight.

"We're seeing more and more evidence that it's not the global oil companies, it's not the independent oil companies that are lagging new investments, but it's OPEC countries lagging, particularly those five", he said.

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