Earlier in the day, both contracts hit their highest since the end of September, putting Brent on track for a weekly gain of 3 percent, and US crude for a 4 percent weekly increase.
The International Energy Agency estimated in its monthly report on Thursday that the decline in inventories this year will halt in 2018 due to rising supplies from the USA and elsewhere. US West Texas Intermediate crude was at $51.59 per barrel, up 99 cents from its last settlement. Prices are up 4.4 percent this week.
Traders said the oil market pulled back from even higher gains - both contracts were up over 2 percent - earlier in the day out of relief that Trump did not immediately seek to impose sanction on Iran.
The monthly OPEC oil market report noted that, based on secondary sources, Angola produced 1.641 million barrels in September, a monthly drop of 2,900 barrels, while Nigeria increased production by 50,800 barrels to 1.855 million barrels. "That's on the supportive side", Olivier Jakob, managing director of PetroMatrix, said.
Chinese oil imports hit 9 million barrels per day (bpd) in September, data showed.
China's robust imports have been driven by purchases for its strategic petroleum reserves (SPR).
Supply also increased. "World oil supply in September was revised up by 0.41 million bpd month-on-month from the previous report to average 96.50 million bpd, representing an increase of 1.08 million bpd year-on-year", OPEC said in its report.
Unrest in Iraq and the prospect of a tougher United States action on Iran nuclear deal also underpinned prices.
"The market is relieved that the U.S.is not going to pull out of the Iran nuclear deal today and they will instead kick the can down the road", said Phil Flynn, senior energy analyst at Price Futures Group in Chicago. At least 6,000 Kurdish fighters have been deployed in the oil-rich Kirkuk province following "threats" of attack from Iraqi forces, media network Rudaw reported.
The OPEC expects demand to hike by 1.4 million barrels per day.
However despite the bullish predictions from some analysts, many experts believe that oil cartel Opec still must extend production cuts through to 2018.
In the meantime, Tesla has advised owners against having two adults sitting in the middle and left rear seats at the same time. Customers can choose to use the mobile service or to visit a service center, but either way, no new parts are necessary.
So finding space to get him a breather regularly is going to be critical to making sure he holds up over the final 11 weeks. Considering Brady is still playing like the best quarterback in the league, it's incredibly worrisome for Patriots fans.
Police are looking into how Daniels gained access to a gun since he was too young to even possess a handgun in the state of Texas. But a person must be at least 21 years old to get a concealed carry permit in Texas, so Daniels wouldn't qualify.
Storage: Samsung Galaxy J2 (2017) comes with 8GB of internal storage, which is expandable up to 128GB via microSD card. Additionally, the smartphone comes with features like Smart Manager for automatic memory clean up and management.
Tennessee Titans wide receiver Rishard Matthews would rather retire from the NFL than be forced to stand for the national anthem. The Titans remained in the locker room during the anthem before their Week 3 game against the Seattle Seahawks .
Meanwhile, the Barcelona CEO has once again played down the concerns of the fans over Messi's long-term future at the club. Liverpool have now reportedly given the green light for Philippe Coutinho to leave the club in January.
Kane was named as the Premier League's Player of the Month for September earlier today, after a wonderful run of form. Guardiola spoke regularly of his admiration for Spurs' style under Pochettino last season.
Hurricane Ophelia strengthened to a Category 2 storm, swirling far from land in the eastern Atlantic , according to the U.S. National Hurricane Center's (NHC) latest advisory . "Little change in strength is forecast during the next 48 hours".
Investigators have found 200 incidents of Paddock moving through the city, and at no time was he with anyone else, Lombardo said. Paddock's testimony offers little insight into what could have prompted last week's attack.
Sticking points include control over the arsenal of Hamas' armed wing and the fate of thousands of Hamas public servants. Islamist movement Hamas is blacklisted as a terrorist organisation by the United States and the European Union.
She joked while speaking on the show that "As a real estate agent I'm used to relocating people and this was similar". A Sydney woman has been filmed picking up a shark in a rock pool with her bare hands and returning it to the ocean.
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