Oil Rises With New OPEC Deal

Oil Rises With New OPEC Deal”

Hedge funds reduced their WTI net-long position - the difference between bets on a price increase and wagers on a drop - 1 percent to 249,323 futures and options in the week ended October 3, U.S. Commodity Futures Trading Commission data show. Overseas shipments from the USA jumped to a record last week as production rose, government data showed.

"U.S. production is nearly at a record-high level, and exports are record-high", said Michael Poulsen, an analyst at Global Risk Management Ltd.

King Salman of Saudi Arabia will arrive in Russian Federation later today for the first official visit to the country by a Saudi king.

The better part of a year into the OPEC production cuts, China's crude oil imports show how market shares have shifted, and who's winning and who's losing the Asian oil supply race while the cartel and its Russia-led allies are restricting production. "What we have achieved together with OPEC is beneficial for the entire global economy", Putin told an energy forum in Moscow, referring to the current oil output cut deal. Prices fell 44 cents, or 0.9 percent, to $49.98 on Wednesday. The global benchmark crude traded at a premium of $5.48 to December WTI. Last week's figure also beat the previous record set by exporters, which was hit in the previous week, at 1.5 million bpd.

Saudi Energy Minister Khalid al-Falih was speaking in a television interview a day after Russian President Vladimir Putin said the supply reduction deal that is due to expire in March could run to the end of next year, Reuters reported.

"The yearly domestic crude oil refining data from 1997 to 2014 also reflected that 844.19 million of crude oil has been received and 835.58 million processed within the period under review, " the report stated.

US government data showed this week that crude exports had risen to a record of almost 2 million barrels per day as domestic production grows. The accord has already been extended once at OPEC's last meeting in May, but producers have so far balked at a larger cut.

"Bullish comments from the Russian and Saudi Energy ministers are helping arrest the recent decline in oil prices", said Stephen Brennock, analyst at London brokerage PVM Oil Associates.

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