OPEC: lower market share in the coming years

OPEC: lower market share in the coming years

"We are looking at a big increase in non-OPEC supply in the next few months, not just the United States - which is still continuing to grow - but we are seeing a big surge from Brazil and Norway and one or two other countries", Neil Atkinson, head of the oil industry and markets division at the International Energy Agency (IEA), told CNBC's "Squawk Box Europe" on Monday.

Brent crude futures for January LCOc1 rose 15 cents to $61.84 a barrel by 0948 GMT, erasing earlier losses. USA crude rose 42 cents, or 0.7%, to $56.96.

Prices had jumped about $2 a barrel on Friday after the world's top two economies said they had made progress on trade talks while us officials said the deal could be signed this month. -China trade negotiations propelled USA stock indexes to record highs, helping to elevate oil.

Chinese President Xi Jinping and U.S. President Trump have been in continuous touch through "various means", China said Monday, when asked when and where the two leaders might meet to sign a trade deal. -China trade deal boosted benchmarks in the previous session.

On Friday, prices jumped by about $2 a barrel after US officials said a deal could be signed this month.

"If some of the existing tariffs were to be dismantled, that should restore some measure of global demand for oil as economic and trade conditions recover", said Han Tan, market analyst at FXTM. Economists polled by Reuters had forecast payrolls rising by 89,000 jobs in October.

Federal Reserve's interest rate cut last week and recent weakness in the USA dollar has also helped lift prices, analysts said.

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OPEC will remain under pressure from rising USA oil output.

"Easing monetary policy, along with improved chances of a U.S".

"The oil market faces ample supplies with global demand nearly stagnant and supplies rising", said Norbert Rucker, Head of Economics at Swiss bank Julius Baer.

OPEC is likely to cut production at the December meeting, and that of course is negative.

The Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers - a group known as OPEC+ - have since January implemented a deal to cut oil output by 1.2 million barrels per day.

OPEC Secretary-General Mohammad Barkindo said the oil market outlook for 2020 may be brighter than previously forecast, appearing to downplay any need for deeper production cuts.

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