Oil climbed further above $52 a barrel on Friday, supported by a drop in US fuel inventories, though gains were kept in check by ample crude supplies even as Opec plans to cut output.
The United Arab Emirates' energy minister said on Wednesday that OPEC members were committed to working with other oil producers to balance the oil market and there is a realisation that an oil price of $40 is not sustainable and needs to rise.
Oil prices edged up on Wednesday, supported by record Indian crude imports and upcoming talks between OPEC producers and other oil exporters on curbing output to end a glut in the global market.
Russia on Tuesday said its oil majors were ready to back moves by the government to curb oil production in coordination with Opec to push up oil prices that have been under pressure for months.
Saudi Arabia's Energy Minister Khalid al-Falih will not attend meetings on Wednesday between OPEC and non-OPEC countries in Istanbul but told Reuters he saw signs that countries outside OPEC were willing to contribute to balancing the oil market.
Oil prices fell on Monday over doubts that an OPEC-led plan to cut output would rein in a global oversupply that has dogged markets for over two years.
Brent oil futures touched a four-month high on Tuesday as investor confidence grew in last week's deal by oil producers to freeze output levels in order to stem a two-year price rout.
Elevated Opec production and a smaller decline in non-Opec output than anticipated are delaying the expected rebalancing of the market, Samba said ...
OPEC's oil output is likely to reach its highest in recent history in September, a Reuters survey found on Friday, as Iraq boosted northern exports and Libya reopened some of its main oil terminals.
The Qatar Stock Exchange’s trade turnover and volumes rose substantially, but overall it remained under the bearish spell for the second day on Thursday.
Oil prices rose nearly 3% on Thursday, extending their rally on optimism over Opec's first output cut plan in eight years.
Russia is aiming to keep its oil production at near-record levels despite Opec's decision to modestly reduce its output, Russian Energy Minister Alexander Novak said on Thursday.
