(Oil Price) rebounded 2% in 6 trading days ... "Expectation to extend production"

(Oil Price) rebounded 2% in 6 trading days ... "Expectation to extend production"


NEW YORK, Nov. 18 (Reuters) - International oil prices climbed more than 2 percent on Thursday, closing a five-day losing streak. OPEC's oil pipeline has been shut down and oil prices have risen amid hopes of extending the OPEC cut production agreement. However, the weekly decline was only six weeks.
West Texas light crude (WTI) rose $ 1.41, or 2.6 percent, to $ 56.55 a barrel. Brent oil rose 2.2 percent to $ 62.72 a barrel. Both WTI and Brent fell 0.3 percent and 1.3 percent respectively during the week. Uncertainty over Russia's position on extending the US output and OPEC output cuts fueled oil prices.
Saudi Arabia's energy minister said yesterday that oil prices were rising as he suggested he would extend the reduction agreement at the OPEC meeting.
"Saudi energy minister's remarks have raised the possibility of an extension of the reduction agreement," said Phil Flynn, an analyst at Price Futures Group.
Canada's energy company Trans Canada has an average daily capacity of 590,000 barrels of oil. It was the result of a leak in South Dakota the day before. Traders expect crude oil prices to rise to a bullish tone in the WTI futures trading market, which is the region of Oklahoma's Cushing region.
Money managers, meanwhile, have increased their weekly bullishness against WTI this week. The weakest position has been the smallest since last March.
Oil prices fell this week. The US Energy Information Administration (EIA) announced last week that its oil production rose to a record high of 9.55 million barrels. The International Energy Agency (IEA) predicted that the US would account for more than 80 percent of global crude oil growth in the next decade.
"The market is paying attention to the United States," said Abhishek Kumar, a senior energy analyst at Interfax Energy. "The increase in the US is still likely to be a major weakening."
According to energy service provider Baker Hughes, US crude borehole numbers this week totaled 738, the same as last week.
Signs of increased US oil production have limited the effects of OPEC cuts. Earlier this week, Russian oil company Rosneft said it was faithful to the reduction agreement, but said it would be difficult to get out of the reduction agreement.

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