Brent surges to 6-month high after Vienna's meeting

Brent crude reversed higher in American trade after sliding in Europe, with the futures heading for the third daily profit in a row after marking a six-month peak and moving on track for the fourth weekly profit in a row, as OPEC's meeting with other producers wraps up in Vienna on promises of opening the door for a possible extension of their cooperation into 2018, while US crude remained low for the first time in nine days ahead of the weekly data on the US oil rig count. 

As of 13:15 GMT, Brent rose to $56.60 a barrel from the opening of $56.46, with an intraday low at $56.21, and the highest since March 2017 at $56.74. 

US crude fell to $50.45 a barrel from the opening of $50.71, with a session-high at $50.76, and a low at $50.28. 

US crude October futures gained less than 0.1% yesterday, in what was the longest streak of daily profits since June, after hitting a four-month high at $51.09. 

Brent November futures advanced 0.6%, after remarks by Iraqi oil minister on a possible OPEC extension of the deal to cut global output. 

US crude marked a 1.5% profit so far this week, on track for the third weekly profit in a row, while Brent advanced 2.0%, heading for the fourth weekly profit. 

These gains were on the back of an upward outlook for global demand, which could achieve balance in markets, while the US oil industry rebounded from Hurricane Harvey's devastating impact. 

The ministerial committee responsible for monitoring the global output deal said after today's Vienna meeting that the cuts made by OPEC and other producers are working positively to sap the market oversupply, which weighed on prices for long years.  

Some initial reports said that the meeting has ended without any recommendation of an extension to the global deal beyond March, 2018, missing forecasts of an official recommendation of such tone ahead of OPEC's official group meeting in November.  

Finally, later today, US oil services company Baker Hughes will report on the US oil rig count, after falling by 7 last week to a total of 749 rigs, which was the lowest since the week ending June 16.