Although there is huge price rise, still Oil traded highest close in more than three years because Iraq echoed a call by the United Arab Emirates and other producers for OPEC-led output cuts to continue. In the last week, there was 4.7 percent increase which leads to slight change in Futures in New York. Iraqi Oil Minister Jabbar al-Luaibistated thatthe production curbs made significant contribution in stabilising the market and should remain. As reported by the International Energy Agency, Brent crude at $70 a barrel may be giving fresh stimulus to U.S. shale-oil drillers to enhance output. After the second annual advance, Oil has alsostretched gains as the Organization of Petroleum Exporting Countries and its allies has minimised the supply to drain a global glut. Although they are stating that their historic deal will go on until the end of this year. In a report stated by J P Morgan Securities, OPEC is “very likely to cut short” the pact if markets become balanced. The executive director of the IEA, FatihBirol stated “In the next 12 months, we see more or less a balanced market,” and further added, “Global oil demand will increase. But a lot of new oil production is coming.” “West Texas Intermediate for February delivery was at $64.38 a barrel on the New York Mercantile Exchange, up 8 cents, at 2:33 p.m. London time. Total volume traded was about 45 percent below the 100-day average. WTI rose 0.8 percent to $64.30 on Friday, the highest close since December 2014. Brent for March settlement lost 5 cents to $69.82 a barrel on the London-based ICE Futures Europe exchange. Prices climbed 3.3 percent last week. The global benchmark crude traded at a premium of $5.52 to March WTI.” Energy Minister Suhail Al Mazroueistated in Abu Dhabi that due to short term price fluctuations, U.A.E finds no big changes in OPEC policy as a result of short-term price fluctuations. Qatari Energy Minister Mohammed bin Saleh Al Sadastated, “group should only review its supply in accordance with the crude stockpiles return to their five-year historical average.” .