Out of bounds
oil rises as Opec production cuts continue
By 0739 GMT, global benchmark crude hit $ 60.75 a barrel, up 13 cents, or 0.2 percent, from the previous settlement price. Brent has risen nearly 37 percent since hitting its lowest level in 2017 in June.
West Texas Intermediate crude was $ 54.70 a barrel, up 16 cents, or 0.3 percent, from the previous settlement price. US crude rose nearly 30 percent from a record low of 2017 in June.
Oil prices are also rising in the current market as Saudi Aramco raised the official sale price of its Arab light crude in December to its Asian customers by 65 cents a barrel from November to $ 1.25 above the average of Oman and Dubai. This is the highest level since September 2014. Futures prices, among other reasons, including the decision by the Organization of Petroleum Exporting Countries (OPEC) and some outside producers, including Russia, to cut production by 1.8 million barrels per day to reduce supply in the market.
The supply reduction agreement is in place until March 2018. While expectations of an extension of the agreement by the end of 2018 are increasing, no agreement has yet been reached on the extension.
Analysts say that without the extension of the cuts, the supply gap may return.
"Our estimated oil figures include a limited global drawdown of stocks in 2017, which is hardly enough to compensate for the substantial increases from 2014 to 2016. Furthermore, we estimate the resumption of global stockpiles in the world," said Harry Chilinguirian of BNP Paribas. 2018 ".
He added that the rise in US production, which has increased more than 13 percent since mid-2016 to 9.6 million barrels per day, led to increased exports.
The US Energy Information Administration said this week that the latest data on US crude exports point to a record high of 2.1 million barrels per day.
"With the export of the US oil surplus increasing ... it may be difficult for Brent to consolidate at $ 60 a barrel in 2018," he said, adding that average US crude and Brent are expected to reach $ 50 and $ 55 a barrel, respectively, in 2018.
dollar fluctuated as US jobs data awaited
The Australian dollar was the biggest loser on Friday, falling 0.5 percent after disappointing retail sales data.
Sterling fell to a one-month low after falling on Thursday.
The market showed little reaction to the nomination of US President Donald Trump on Thursday as Federal Reserve Board chairman Jerome Baal, chairman of the Federal Reserve.
The US nonfarm payrolls report is expected to rise again in October after falling in September.
The dollar index, which tracks the performance of the greenback against a basket of currencies, rose 0.1 percent to 94.817, up from a week low of 94.411 on Thursday.
The Australian dollar fell 0.5 percent to $ 0.7651 as it was pressured by data showing retail sales stabilized in September, below market expectations of a 0.4 percent increase on a monthly basis.
The pound continued to fall after hitting its biggest daily loss against the US dollar since June on Thursday, when the Bank of England raised interest rates for the first time in more than a decade, but said it expected only gradual increases in the future.
Sterling fell 0.2 percent to $ 1.3040, its lowest level since October 6, after losing 1.4 percent on Thursday.