Oil prices climb for 2nd day as OPEC report shows production drop

13 September, 2017, 00:42 | Author: Malcolm Fuller

Futures rose as much as 0.8 percent, trading in a 71 cent-range in NY. U.S. West Texas Intermediate (WTI) crude futures edged down 0.17% to $47.99 a barrel.

Gold is retreating as the safe-haven demand fades. Brent, the global benchmark, rose 45 cents, or 0.84%, to $54.29 a barrel. The deal, reached in late 2016, initially called for a six month period, which later was extended with another nine months until the end of March 2018.

Crude oil prices fell in Asia on Tuesday with industry estimates of USA inventories expected to show a leap as stocks build from Gulf Coast refinery shutdowns in the wake of Hurricane Harvey.

The report from OPEC also highlighted that production outside the group fell in August, driven by disruptions in the USA after Hurricane Harvey rampaged through the oil producing regions in Texas and Louisiana.

Saudi Arabia's Energy Minister Khalid al-Falih met his Venezuelan and Kazakh counterparts at the weekend to discuss an extension of a deal to cut production by about 1.8 million bpd until March 2018 by at least three months, the Saudi energy ministry said.

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In May this year, OPEC producers and 11 participating non-OPEC countries including Russian Federation formally ratified the agreement first drafted last November to cut supplies by 1.76 million barrels per day for an extension.

The largest refinery in the United States, in Port Arthur Texas, was running at reduced rates, sources told Reuters.

Six analysts polled ahead of inventory reports from industry group the American Petroleum Institute (API) and the U.S. Department of Energy's Energy Information Administration (EIA) estimated, on average, that crude stocks likely rose 2.3 million barrels in the week ended September 8. The industry-funded American Petroleum Institute will release its inventory data on Tuesday.

The deal agreed late past year helped to keep prices as high as $58 a barrel in January, but they have since sagged as global stocks have not fallen as quickly as expected.

However, Goldman said its prediction for increased fuel demand could be upset if Hurricane Irma were to make landfall in Florida where it would not be felt so much on the sparse oil infrastructure than on fuel demand.

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