U.S. oil prices

U.S. oil prices near two-year highs as key pipeline stays closed

SINGAPORE (Reuters) - U.S. oil costs stayed almost two-year highs on Monday on the back of the continuous conclusion of the Keystone pipeline interfacing Canada and the United States, while desires of expanded OPEC-drove supply cuts likewise bolstered markets.

U.S. West Texas Intermediate (WTI) crude futures were at $58.91 a barrel at 0029 GMT, 4 cents below their last settlement but still close to two-year highs of $59.05 reached on Friday.

Brent crude futures (LCOc1) were at $63.84 a barrel, virtually unchanged from their last close.

The closure of the 590,000 barrels per day (bpd) Keystone pipeline following a spill has helped drive up U.S. crude as it reduces stocks.

"WTI prices ... continue to be supported by the shutdown of the Keystone pipeline," said French bank BNP Paribas (PA:BNPP).

"WTI (is) at present exchanging near $59 per barrel. This speaks to a 38-percent expansion in cost since mid-June and makes oil a standout amongst other performing resources over that period," said William O'Loughlin, examiner at Rivkin Securities. 

Markets have likewise been fixing universally because of an exertion by the Organization of the Petroleum Exporting Countries (OPEC) and a gathering of different makers, including Russia, to withhold 1.8 million bpd of yield since January. 

The arrangement lapses in March 2018, however OPEC will meet on Nov. 30 to talk about its strategy. 

"With the OPEC meeting happening this week, oil brokers are anticipating that an expansion should the generation cuts," O'Loughlin said. 

Russian Energy Minister Alexander Novak said on Friday that Russia would examine the points of interest of an expansion on Nov. 30, however made no say of to what extent this should last past its March expiry. 

The vulnerability of how dedicated Russia is to continuous cuts, and rising creation in the United States, mean rough costs are being kept from rising considerably further, dealers said. 

"There is a lot of space for dissatisfaction ... Should the result of the following OPEC meeting miss the mark concerning desires, the huge net-long theoretical position on oil fates can loosen up, sending costs lower and unpredictability higher," BNP Paribas cautioned. 

In the United States, rough creation has ascended by 15 percent since mid-2016 to 9.66 million bpd, and expanding penetrating movement for new generation implies yield is relied upon to become further. 

U.S. vitality organizations a week ago included oil rigs, with the month to month fix tally ascending out of the blue since July, to 747 dynamic apparatuses, as makers are pulled in by climbing rough costs.