Crude oil prices slipped back on Monday after hitting an eight-week high following their longest run of gains in four years, breaking through the $50 a barrel barrier. <br /><br /> Investors were responding to news that US shale oil drillers continue to add more rigs. <br /><br /> Iraq also plans to increase exports from Kirkuk by 150,000 barrels per day and a Nigerian militant group, which has been disrupting production in the Niger Delta, has said it is ready for a ceasefire and dialogue with the government.<br /><br /> Why we announced ceasefire – Niger Delta Avengers https://t.co/zILHpN5Sqg— The Punch Newspapers (@MobilePunch) August 22, 2016<br /><br /> There are also Iran’s ambitions to restore its crude output to pre-sanctions levels. Simon French, Chief Economist with Panmore Gordon, said: “Clearly Iran, having come back onto the global market place, wants to start to scale up production and will be very reluctant to do a production cap, something that they indicated back in April. What has changed in the intervening months, I’d argue very little.”<br /><br /> Prices had been pushed up recently by speculation Saudi Arabia and the rest of OPEC might agree with Russia and other non-OPEC members to limit production.<br /><br /> They are due to hold informal talks in Algeria in late September but oil industry analysts do not think crude can stay above $50 a barrel in the near term.<br /><br /> “We continue to view a meaningful OPEC production agreement as highly unlikely,” Wall Street investment bank Morgan Stanley said in a note.<br /><br /> “It is unlikely Riyadh will take any freeze negotiation seriously as officials believe the market share policy is slowly but surely working,” Morgan Stanley said. That was a reference to Saudi Arabia’s policy of defending its market share regardless of how low the price dips.<br /><br /> Crude Oil Prices Fall on Dollar, Supply Expectations – https://t.co/cJctESgJvO #GoogleAlerts— Doha Qatar News (@DohaQatarNews) August 22, 2016<br />
