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Oil Prices Rise On Huge Draw In Gasoline Stocks

13 September, 2017, 20:45 | Author: Jeff Stephens
  • Marathon Petroleum Corp. oil storage tanks sit at a terminal in the Ybor Channel ahead of Hurricane Irma in Tampa Florida U.S. Sept. 9 2017

The U.S. dollar, meanwhile, has declined steadily, something the head of Russian oil major Rosneft said recently was contributing to the rise in crude oil prices.

Oil production by OPEC fell 0.24%, or 79,000 barrels per day, in August to 32.7 million barrels produced per day.

Industry group the American Petroleum Institute is due to release its weekly report at 4:30PM ET (2030GMT).

"The price recovery has remained relatively limited, largely due to resilient shale oil production in the USA and high crude oil stocks", the Kuwaiti bank added.

Cushing inventories recorded a build of 1.02mn barrels on the week which was close to consensus expectations.

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Opec and its allies are discussing extending the oil production cuts that expire in March 2018 by more than three months, potentially bringing them well into the second half of next year, according to people familiar with the matter.

Commenting on the impact on oil production of hurricane Harvey, OPEC said "the United States energy (Frankfurt: 32984229.F - news) industry appears to be rebounding quickly".

The front-month contract in US crude's West Texas Intermediate (WTI) benchmark settled up $0.59, or 1.2%, at $48.07 per barrel on the New York Mercantile Exchange.

Another interesting point is that Iraq's crude oil production declined another 23 kbd, which improved its compliance level to above 50%, although it remains as one of the lowest compliance levels among the twelve OPEC countries that agreed to the cut.

Even so, US crude stockpiles are likely to build in the next few weeks as refiners try to catch up with the backlog of oil stranded during the storms of the past two weeks, analysts said. But as refineries gear up for a return, oil prices could find support and product prices could start to see a correction. Gasoline stockpiles were down 8.4 million barrels for the week, while distillate stockpiles fell 3.2 million barrels, according to the EIA.

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OPEC said inventories were falling and that an increase premium of Brent crude for immediate delivery over that for later supplies raised hopes that a rebalancing is under way.

Geopolitical tensions, concerns about USA policy reform viability and the decline in the US dollar have helped stimulate oil prices, a Kuwaiti bank said.

Earlier, the Saudi Arabian Energy Minister held discussions with his Venezuelan, Kazakhstan counterparts for a possible extension of the supply cut deal beyond March next year.

Opec on Tuesday forecast higher demand for its oil in 2018 and pointed to signs of a tighter global market, indicating its production-cutting deal with non-member countries is helping to tackle a supply glut that has weighed on prices.

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