The country's Crown Prince, Mohammad bin Salman spoke of a new future for Saudi Arabia and re-iterated Al-Falih's comments on the oil market, adding that the Saudi government will work with all OPEC and non-OPEC countries and "will support anything to stabilise the oil demand and supply". The agreement was then extended in May of this year for a period of nine months until March 2018 in a bid to reduce global oil inventories and support oil prices.
Oil prices declined, with Brent crude futures falling 23 cents to $58.10 a barrel and U.S. West Texas Intermediate crude off 45 cents at $52.02 as of 1:36 p.m. EDT (1736 GMT).
For the week, Brent was 4.6 percent higher, notching its third straight weekly gain. But the fundamental outlook has also shifted, with stockpiles falling and questions about the growth rate of USA shale output also fueling gains.
Crude oil prices standing more or less still in early Thursday trading, with signs pointing to a make-or-break price point for USA oil production.
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US crude's gains have lagged the global benchmark amid rising domestic output.
However, the announcement on Friday of a ceasefire between Iraqi forces and the Peshmerga from the country's autonomous northern Kurdish region eased some concerns.
Inventories in the Fujairah Oil Industry Zone (FOIZ) were 6 percent higher in the week to October 23 to a total of 1.38 million tonnes.
"What is interesting is that the pop in WTI futures moved above the September 28 high", said David Thompson, executive vice president at Powerhouse, an energy-specialized commodities broker in Washington.
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A weaker dollar makes greenback-denominated commodities, including oil, cheaper for holders of other currencies.
TransCanada Corp 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. Since the start of October, Saudi oil exports to the USA have been 3.2 million barrels below shipments from Iraq. That sent WTI's discount to global marker Brent to the widest in a month.
Echoing sentiments about a so-called Goldilocks number, Tamas Varga with London oil broker PVM said in an emailed market report that US crude oil production numbers may be the governor on market direction.
US crude inventories rose by 856,000 barrels last week, US Energy Information Administration (EIA) data showed on Wednesday, versus analysts' forecast for a 2.6 million-barrel draw.
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