NEW YORK (Oct 28): Oil settled higher on Thursday, as commitments from Gulf OPEC members to cut production assuaged some lingering doubts in the market about cooperation from other producers. "Another day, another market being pushed and prodded around by OPEC rhetoric," said Matt Smith, director of commodity research at energy data provider ClipperData. Energy ministers from Saudi Arabia and Gulf allies told their Russian counterpart this week they are willing to reduce peak oil output by 4 percent, sources familiar with the matter said. OPEC members are expected to have a technical meeting on Friday and a meeting with officials from non-member countries on Saturday. The cartel's oil ministers meet on Nov. 30, and are expected to work out how much individual countries should cut.

Source: The Edge Markets October 27, 2016 22:54 UTC