It hit a three-week high at $49.81.U.S. On Wednesday, Reuters data showed volume in WTI hit a record high of about 986,000 lots, about $4.6 billion in traded value.But Thursday's settlement, coming sharply off the day's highs, suggested the rally was waning. "We believe the meeting represents a 'read my lips' moment, particularly on the part of Saudi Arabia," Horsnell said. "'Read our lips, prices will rise'".Analysts at Goldman Sachs said higher crude prices will spur non-OPEC output, particularly U.S. shale oil. The U.S. oil drilling rig count has risen in 12 of the 13 past weeks.

Source: thestar September 29, 2016 22:57 UTC