The North American oil benchmark was at one point above U.S. $52 a barrel, its highest price since April, before sliding back somewhat. Though oil prices are still half what they were about three years ago, Karr Ingham, an economist with the Texas Alliance of Energy Producers, said it's clear that USA shale producers are resilient.
"The next OPEC meeting will discuss whether there will be a need to extend the output cuts deal and for how long", Mazrouei told reporters.
"It's all driven by the idea is that the production cut is starting to work and the rebalance is underway", says Gene McGillian, director of market research at Tradition Energy, even as concerns about us production growth widened the discount of WTI to Brent crude to the highest since August 2015.
It's good news for an industry that suffered from three years of oversupply and the effects of a wrenching price collapse, from more than $100 a barrel in mid-2014 to below $40 by the end of 2015. West Texas Intermediate, the US reference price, has lagged behind as USA fuelmakers were hobbled by Harvey and unable to process as much crude.
West Texas Intermediate for November delivery rose 26 cents to settle at US$52.14 a barrel on the New York Mercantile Exchange.
The expected strong demand growth, coupled with OPEC's production cuts, is making oil analysts and traders at the Singapore conference more bullish this year than at the same event last year, according to Bloomberg.
Oil prices pared losses in post-settlement trade after industry group the American Petroleum Institute reported that USA crude stocks fell last week as refineries boosted output, while gasoline inventories increased and distillate stocks fell.
Opec, which counts Iran, Iraq, Kuwait, Saudi Arabia and Venezuela among its 14 members, agreed with Russian Federation and several other producers past year to cut production by about 1.8m barrels a day from the start of 2017.
Torbjorn Soltvedt, principal analyst for the Middle East at risk consultancy Verisk Maplecroft, said there was about a 20 percent chance that pipeline northern Iraq and Ceyhan in Turkey would be shut.
The average price of Oman oil for October delivery increased $2.76 to touch $50.39 per barrel.
He said Brent futures got an additional boost in late trade when Nigeria's oil minister said in Vienna that his country, which OPEC had exempted from the output cuts, was actually pumping less crude than its agreed cap.
Brent for November settlement was little changed at $57.92 a barrel on the London-based ICE Futures Europe exchange, after losing 54c on Wednesday.
A rise in the dollar to one-month highs against the euro, following a signal the previous day by the head of the US Federal Reserve that rates will continue to tighten, dampened the broader commodity markets and that weakness fed into oil, Reuters reported.
Kong also said emerging markets are in the driving seat on oil consumption.
"NPDC aggressive gas pursuit since 2009 has also raised the company's profile as the highest single supplier of gas to the domestic market with an average of 700 million standard cubic feet per day".