OIL PRICE: ABOVE $60

REUTERS, BLOOMBERG  - Oil prices rose more 1 percent on Friday on support among the world's top producers for extending a deal to cut output and as the dollar retreated from three-month peaks. 

Brent LCOc1 rose 59 cents to $58.89 a barrel by 10:51 a.m. ET, after rising to a session high of $60.08, the highest since July 2015 and more than 35 percent above its 2017 lows touched in June. 

U.S. light crude oil CLc1 was up 78 cents, or 1.48 percent at $53.42 after rising to a session high of $53.52 a barrel. U.S. crude prices have been capped by rising U.S. production. 

Ahead of OPEC's next policy meeting, Saudi Arabia and Russia declared their support for extending a global deal to cut oil supplies for another nine months, OPEC's secretary general told Reuters on Friday. The pact runs to March 2018. 

Saudi Arabia's Crown Prince Mohammad bin Salman told Reuters on Thursday the kingdom would support extending the output cut in a bid to stabilize oil demand and supply. 

Oil prices have been hovering near their highest levels for this year amid recent signs of a tightening market, talk of an extension of production cuts and tensions in Iraq. 

Friday's announcement of a ceasefire between Iraqi forces and the Peshmerga from the country's autonomous northern Kurdish region eased some concerns. 

"What is interesting is that the pop in WTI futures moved above the Sept. 28 high," said David Thompson, executive vice president at Powerhouse, an energy-specialized commodities broker in Washington, D.C. 

"So even though the dollar is giving back some of its move, crude may now be trading off of a new driver, the technical breakthrough to a new high." 

The dollar trimmed its earlier gains on Friday versus a basket of currencies following a Bloomberg report that U.S. President Donald Trump is said to be leaning toward Federal Reserve Governor Jerome Powell as his pick to head the U.S. central bank. 

A weaker dollar makes greenback-denominated commodities including oil cheaper for holders of other currencies. 

"I think the combination of short covering and Chevron and Exxon both missing their production guidance for the third quarter has resulted in the market strength today," said Scott Shelton, energy futures broker with ICAP in Durham, North Carolina. 

TransCanada Corp (TRP.TO) said in a filing on Thursday that it is seeking to raise the temporary discounted spot rate for light crude on its 700,000 barrel-per-day Marketlink pipeline. The news sent U.S. crude benchmark's discount to global marker Brent WTCLc1-LCOc1 to the widest in a month. 

The Organization of the Petroleum Exporting Countries and some non-OPEC producers including Russia have pledged to reduce production by around 1.8 million barrels per day (bpd) until the end of March 2018 to drain a global supply glut. 

"If OPEC and their non-OPEC partners can agree to extend their production curtailments through 2018, then we estimate the oil market will remain in modest under-supply until 2019," U.S. Investment bank Jefferies said. 

OPEC is expected to discuss extending that agreement at a meeting in Vienna on Nov. 30. 

Rising U.S. crude production remains an issue for OPEC as it strives to clear a global overhang. 

U.S. crude production C-OUT-EIA rose by 1.1 million bpd to 9.5 million bpd in the week ended Oct. 20, according to U.S. Energy Information Administration (EIA) data.

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Earlier:

October, 25, 12:40:00 OIL PRICE: ABOVE $58 AGAIN Brent crude, the global benchmark, was up 8 cents at $58.41 a barrel by 0646 GMT, after settling on Tuesday up 96 cents, or 1.7 percent. U.S. West Texas Intermediate crude was trading down 9 cents at $52.38. Русский | English

October, 25, 12:35:00 OPTIMISTIC OIL PRICES Futures edged higher from the settlement in after-market trading in New York, prompted by reports that data from the American Petroleum Institute showed a 5.75 million barrel drop in gasoline last week and 4.95 million fewer barrels of distillate. Meanwhile, OPEC, set to meet next month on prolonging the cuts, are said to be planning how to prevent a new price-killing glut once they end.

October, 25, 12:30:00 OIL PRICES NO OPPORTUNITIES "They [big OPEC and Middle Eastern producers] cannot be too ambitious [on their oil price targets]...there's not much [upside] room for them to hope for," Sadamori said. "Once the oil price goes to certain levels, this will stimulate new drilling and investments in North America," he added.

October, 25, 12:25:00 OPEC COOPERATION Compliance among OPEC and major non-OPEC producers reached 120% in September, its highest level since the output constraint deal was launched in January, the Joint Ministerial Monitoring Committee said.

October, 23, 11:45:00 OIL PRICE: STILL ABOVE $57 Brent crude futures were at $57.87 at 0622 GMT, up 12 cents, or 0.21 percent, from their last close. U.S. West Texas Intermediate (WTI) crude was at $52.04 per barrel, up 20 cents, or 0.39 percent. Русский | English

October, 13, 12:55:00 2018 OIL MARKET FORECAST Falling global crude oil stockpiles in 2017 will help put the market “roughly” into balance in 2018, but an increase in prices could be limited, especially if the Organization of Petroleum Exporting Countries doesn’t stick to its agreement to curb output, the International Energy Agency said.

October, 11, 12:50:00 OIL PRICES 2020: $50 - $60 Based on a “lower-for-longer” base-case scenario, global oil prices will remain in the $50-60/bbl range until late 2020, due to increasing supply that breaks even at $50/bbl, according to to the most recent global oil supply and demand outlook from McKinsey Energy Insights (MEI).