Large Indian traders have started covering short positions and have reduced their open interest significantly
A global crude oil price of $50-55 a barrel is comfortable for India
Crude oil prices rose more than 1% on Thursday, building on big gains made after Opec and Russia agreed to restrict production
US crude oil soared more than 9% overnight to a one-month high just shy of $50.00 a barrel
The country had previously pushed for special consideration, citing the urgency of its offensive against Islamic State
Brent crude futures for delivery in January were up $3.83, or 8.3%, while US West Texas Intermediate crude futures were $3.63 higher at $48.86 a barrel
Brent crude futures rose $2.72 on the day to $49.10 per barrel
Iran has argued it wants to raise production to regain market share lost under Western sanctions
International Brent crude oil futures were trading at $47.99 per barrel down 0.5%
In September, OPEC, agreed to cap output at around 32.5-33.0 million barrels per day
We are receiving positive signals that increase the likelihood of agreement at the meeting, says Bijan Zanganeh
The Opec said that its output rose to 33.64 million bpd last month, up 240,000 bpd from September
Oil prices fell almost 4% early on Wednesday but recovered to trade up slightly at around $46 per barrel
The report comes as nations reassemble to discuss how to make good on their promises to cut planet-warming greenhouse gases following the entry into force last Friday of a worldwide pact to battle global warming
Clashes between the two Opec heavyweights, which are fighting proxy wars in Syria & Yemen, have become frequent in recent years
Oil, which rallied to a 2016 high near $54 a barrel following the decision, has since slipped towards $48
As its members are making progress in ironing out differences over how and when to manage production levels and, ultimately, oil prices
Japan's trade ministry on Monday releases official data showing its imports rose 80% from a year earlier to nearly 313,000 bpd in September
Only the representative of non-OPEC Azerbaijan made comments supportive of the need for producer action to help prop up prices
For an OPEC plan to reduce output one day after OPEC members were unable to agreed on how to implement the deal