Crude oil futures jump to Rs. 3422 per barrel

Brent weekly chart

Brent weekly chart

Much will depend on demand to guide prices, with the USA market tightening, flows from Iraq reduced due to fighting between government forces and Kurdish militant groups.

The oil price was higher in Monday trade, on a number of developments supportive of a higher value of the commodity.

According to Baker Hughes energy services firm, the amount of USA oil rigs drilling for new production fell by seven to 736 in the week of October 20, the lowest level since June. One barrel equals to 159.98 liter.

The weekly rig count is an important barometer for the drilling industry and serves as a proxy for domestic oil production.

Western Texas Intermediate crude, meanwhile, was at the $52 per barrel level. For the week, WTI prices rose about 0.8%, the second-straight weekly gain.

RBC Capital Markets said: "A strong indicator that global inventories are being run down will be when the market starts relying on United States exports to fill deficits".

Again, production is still being withheld as part of a pact between the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC producers to tighten the market. That's down from the usual 600,000 barrels per day output.

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Even though oil prices dropped on Thursday and early on Friday, U.S. investment bank Jefferies thinks that "the oil market has moved into modest undersupply and we expect this will persist at least through the end of the year".

The cartel's next meeting is set for November 30 in Vienna. It closed up around 3.5% for the week.

Analysts said rise in crude oil futures was largely attributed to raising of bets by participants in tandem with a firm trend in global market.

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.

Iraqi Oil Minister Jabar al-Luaibi said on Saturday oil exports were increasing from the southern Basra region by 200,000 bpd to make up for a shortfall from the northern Kirkuk fields.

The U.S. Energy Information Administration is to release weekly data on oil and gasoline stockpiles. "USA shale oil completions have been rising every month since January", he said.

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