OPEC oil output climbs as Libya, Nigeria recover

All Is Well With Cutbacks, Oil Price Equilibrium is

"OPEC's average compliance rate slipped to 75% in July from nearly 100% at the beginning of the year, according to the International Energy Agency". Oil's loss also comes as "we've seen some decent dollar strength".

For many at the annual Asia-Pacific Petroleum Conference in Singapore, one of the global oil industry's biggest events, the clash means prices will remain in a narrow band of $50-$60 a barrel the rest of the year and into 2018.

US crude was down 14 cents, or 0.3 per cent, at $50.44 a barrel after closing the previous session down $1.09, or 2.1 per cent.

"It's coming out that OPEC's oil output rose last month, another rise in the rig count".

The trend follows last week's report from drilling services company Baker Hughes, which counted five new rigs in the USA energy sector.

The Organization of the Petroleum Exporting Countries, Russia and 10 other producers agreed to cut output by about 1.8 million barrels per day (bpd) since January to push prices up and draw oil out of storage to fill the gap.

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Beyond short-term market drivers, analysts at Barclays bank said oil demand could be seriously dented by improving fuel efficiency and the rise of electric vehicles (EV). Gasoline stockpiles are expected to increase by 1.2 million barrels and distillate stockpiles are expected to fall by 1.8 million barrels.

Despite the downturn in US traded crude, market participants have maintained optimism, given futures hovering above $50 a barrel, which has been viewed as a key technical level for the commodity. Total volume traded was about 14% below the 100-day average.

Gold settled lower Friday, posting losses for the week and September in reaction to a stronger USA dollar, but still rose in the three months to the end of September. The global benchmark crude traded at a premium of $5.15 to December WTI.

The possibility of Russian Federation extending a loan facility to the troubled oil producer - again - has kept oil price movements in check, but as geopolitics emerges again as the primary driver of oil price fluctuations, October has a lot of moving parts.

"When we had the hurricane disruptions, that translated into strong margins and disruptions to USA crude exports".

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