Winter worries: Heating oil prices will rise

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OPEC and 10 producers outside the cartel, including Russian Federation, first agreed late in 2016 to cap their production at around 1.8 million barrels a day lower than peak October 2016 levels, with the aim of alleviating global oversupply and boosting prices.

London Brent crude delivery for November slipped 8¢ to $56.78 a barrel, while the United States crude fell roughly 15¢ to a value of $50.51 per barrel, reported Reuters.

Brent crude leapt by 2.7% to $58.39 (£43.35) a barrel as analysts said prices could rise to levels not seen since 2014, in a move that would put further upward pressure on inflation in the UK.

During the OPEC meeting in Vienna on Friday, Alexander Novak, energy minister for Russian Federation, said no decision about the extension was expected before January, even though other ministers suggested it could happen before the end of this year.

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Futures rose as much as 1.4 percent in London to the highest since February 2.

Nigeria has been given another extension in respect of oil production output ceiling, thereby raising hope of her recovering fully from the economic recession she just marginally exited recently.

Chronic oversupply, triggered in part by production gains in the United States, pushed crude oil prices below $30 per barrel early past year.

Improving global growth, especially in emerging economies and the eurozone, is also pushing up oil prices by increasing demand for energy, while the damage to U.S. shale output in the wake of Tropical Storm Harvey could also lift Brent.

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Elsewhere, in the US, market participants mulled over data showing the number of oil rigs continued to decline, suggesting a possible tightening in domestic production.

The outlook for the global oil market is improving and OPEC members will keep pressing onward until it balances, Barkindo said in a video message at a conference in Singapore on Monday. "At the same time, without any firm plans for after March 2018, discussions will start about the end game of the OPEC deal and erode confidence". But, with production recovering, OPEC ministers agreed in July Nigeria would cap output at 1.8 million bpd.

"OPEC's actions are working and compliance is acceptable overall, although there needs to be some change".

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