Oman oil minister - confident of agreement this month to extend output cuts

Hedge funds and other money managers raised their bullish wagers on U.S. crude futures and options positions in the week to November 7, data showed on Monday. U.S. West Texas Intermediate (WTI) crude CLc1 was at $56.62 per barrel, down 14 cents, or 0.25 percent. However, traders agreed that the market has lost momentum since then.

Traders said they were cautious about betting on further price rises.

"Prices...are starting to look like a pause or pullback is needed", said Greg McKenna, who is the chief market strategist at AxiTrader. United States shale output, a contributor to the global glut, has responded more slowly than expected to the recent increase in crude prices, he later told reporters.

However, it also pointed out that Saudi output had risen above 10 million barrels per day.

This sentiment comes in part on the back of rising USA oil output C-OUT-T-EIA, which has grown by more than 14 percent since mid-2016 to a record 9.62 million barrels per day (bpd). This led to a slide in crude futures prices late on Friday away from over two-year highs reached early last week.

Brent crude futures were at $63.57 per barrel at 0744 GMT, up 5 cents from their last close.

The level of inventories held by industrialized above the five-year average "has fallen by more than 50 percent in 2017, with inventories now at around 160 million barrels", consultancy Timera Energy said.

Additionally, the organization raised its oil demand forecast. Sultan Ahmed Al Jaber, Group CEO of Abu Dhabi National Oil Company (Adnoc), stressed the company was on track to increase its upstream capacity to 3.5 million barrels per day.

Hole punching machine celebrates 131st anniversary with a Google doodle
Newer iterations of the machine are also used for more creative purposes like decorative purposes like making confetti. Besides the hole puncher, he has invented a binder and a special nib for ink pens suitable for calligraphy.

An extension would prolong the agreement among OPEC, Russia and other oil-producing nations to keep 1.8 million barrels a day off the market through the whole of next year.

Looking further out, the International Energy Agency said on Tuesday there will be 50 million electric vehicles (EVs) on the road by 2025 and 300 million by 2040, from around 2 million now. At present, there are only around 2 million.

At a separate energy industry conference earlier Monday morning, al-Mazroui said the current OPEC-led supply cuts helped to remove almost 180 MMBbl of crude from storage in less than a year, CNBC reported.

Nonetheless, the IEA's "New Policies Scenario" expects oil prices to rise to $83 a barrel by the middle of 2020s.

December Gold futures on the Comex division of the New York Mercantile Exchange fell 0.13 percent to $1277.26 a troy ounce.

Elsewhere in the commodities market, gold edged weaker in Asia on Tuesday due to mixed sentiments, following a weaker-than-expected retail sales and industrial output in the Asian giant.

Overnight, gold prices rose on Monday in the middle of an uptick in safe-haven demand.

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