United States oil 'rebounding quickly' after hurricanes as Opec cuts back

WTI Daily

Saudi Arabia-OPEC's most influential member-has been debating whether to extend the cartel's production accord after it expires in March 2018.

Under the terms of the original deal to reduce production, reached in November 2016, the Organisation for the Petroleum Exporting Countries and other large producers like Russian Federation agreed to take roughly 1.8m barrels a day of supplies off the market, in order to curb an already burgeoning surplus.

The market was assessing Irma's effect on demand, even as refinery restarts in the wake of Hurricane Harvey boosted expectations for crude oil consumption.

Crude futures fluctuated between gains and losses on Tuesday, ahead of an anticipated OPEC oil production report and on concerns of waning USA demand.

London Brent crude for November delivery was up 30 cents, or 0.6 percent, at $54.08, having settled down 1.3 percent.

Irma knocked out power to almost 5.8 million Florida homes and businesses on Sunday after millions were told to evacuate ahead of the storm.

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The deal was extended for another nine months in May 2017.

"We believe that Irma will have a negative impact on oil demand but not on oil production or processing", Goldman Sachs analysts said in a note.

In August, production rose in Nigeria, which has been exempted from output curbs, OPEC said. While some oil processing has recovered, 6 percent of USA capacity still remains shut. In the first half of this year, crude oil price declined by around 15 percent, which is its worst H1 showing in 19 years.

Analysts surveyed Monday by S&P Global Platts expect U.S. crude stocks rose 10.1 million barrels.

Falih agreed in separate talks with the ministers in the Kazakh capital Astana that steps taken by OPEC and other major crude producers such as Kazakhstan have contributed to better market stability, three emailed statements from the Saudi Energy Ministry showed. Net, we project a larger - in fact record large - crude inventory build but smaller product draws in the coming week than previously.

Official data from the Energy Information Administration will be released Wednesday.

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