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13 September 2017, 12:39 | Kara Nash
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The news comes on the heels of a statement from Riyadh that Oil Minister Khalid al-Falih had discussed the possibility of another extension of the 1.8-million bpd production agreement between OPEC and 11 other producers beyond the March 2018 deadline.
Members of the Organization of Petroleum Exporting Countries and other producers including Russian Federation have pledged to reduce crude output by about 1.8 million barrels a day through March to trim global oil inventories and buttress prices. The U.S. dollar, meanwhile, has declined steadily, something the head of Russian oil major Rosneft said recently was contributing to the rise in crude oil prices.
Crude futures fluctuated between gains and losses on Tuesday, ahead of an anticipated OPEC oil production report and on concerns of waning US demand.
Global benchmark Brent crude futures, the benchmark for oil prices outside the US, fell 0.30% to $53.62 a barrel.
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The deal was extended for another nine months in May 2017.
Crude prices are down 8.6% in the previous year.
"The oil market reacted to the Saudi talks", said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting toldReuters. OPEC exempted the two nations from cutting production because their output had already tanked due to domestic conflicts.
"We're waiting for our refineries to all get going", he said, "On the east coast we don't have enough gasoline so we have to import more product from Europe, which adds a boost to Brent".
The latest inventories data will come back into focus with the API data due for release after Tuesday's NY close with the latest EIA data on Wednesday.
OPEC and a number of other producers including Russian Federation agreed in May to extend production cuts, originally agreed past year, into 2018 to ease a global supply glut and support the price of crude.
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