World oil prices on the rise

World oil prices on the rise

US West Texas Intermediate (WTI) crude futures slipped 13 cents to $59.51 a barrel this evening, a day after briefly touching $60 a barrel.

Crude oil were lower on Friday as expectations OPEC and other producers will extend their production cut agreement were offset by forecasts USA output will continue to grow with prices holding near 28-month highs.

However, the strong close outs of the year herald what many experts say is the inevitable outcome of high prices: increased USA production in 2018, which will clash directly with the Organization of the Petroleum Exporting Countries' (OPEC) ongoing attempt via its extended output cutbacks to rebalance the market.

Earlier in the week, Brent rose to $64.65 a barrel, its highest since June 2015, and WTI rose to $57.92, its highest since July 2015. Brent crude futures-the global benchmark-were also up, rising 45 cents or 0.7% to $66.61 a barrel, CNBC reported.

Friday's WTI price rises were driven by a surprise drop in U.S. oil production, which last week dipped to 9.75 million barrels per day, down from 9.789 million bpd the previous week, according to data from the Energy Information Administration released late on Thursday.

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USA oil production, which has risen more than 16 percent since mid-2016, is expected to surpass 10 million bpd next year, some analysts said. In the meantime, Brent crude oil price dwindled by six cents standing at 64.04 dollars per barrel. Front-month prices are about 12 per cent higher this year, after rising 45 per cent - the most since 2009 - in 2016.

In the most recent week, United States production dipped modestly to 9.75 million bpd from 9.79 mln bpd the previous week.

Strong OPEC compliance with the supply pact should lend support to prices, analysts said.

Consultancy JBC Energy said Libyan pipeline outages had "no major impact on exports".

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