Oil prices marginally down over strong dollar value

Oil Rises Nearly 1

Refinery utilization rates rose by 5.4 percentage points.

The EIA said last week that USA crude stocks jumped 4.6 million barrels as imports increased by 734,000 bpd and production rose 157,000 bpd to 9.51 million bpd, close to levels before Harvey hit Texas on August 25.

Wholesale U.S. gasoline prices were down 2.7% at $1.6538 per gallon.

Benchmark Brent rose above $59 a barrel this week, its highest level in more than two years and nearing the $60 mark.

"The market anticipates that OPEC and non-OPEC (exporters) are going to continue with their production cuts through 2018", president of Lipow Oil Associates, Andy Lipow, said.

Oil has gained about 10 per cent this month in NY and its global counterpart traded in London reached a two-year high on Monday amid forecasts for rising consumption in the face of output cuts by the Organisation of Petroleum Exporting Countries' and partners including Russian Federation.

U.S. imposes stiff tariffs on Canada's Bombardier
But the actual amount of money involved in the deal has not been made public, and Boeing has alleged that it is much less. The US Department of Commerce proposed the 220% import tax on the jets, which could hit Bombardier jobs in Belfast.

U.S. shale producers' ability to ramp up output as later-dated crude prices strengthen will keep price volatility low, said Jeffrey Currie, Goldman Sachs' head of global commodities research.

This potential loss, combined with 1.8 million bpd of output reductions by the Organization of the Petroleum Exporting Countries and non-OPEC producers, raised concerns of tighter supply.

Rising demand and geopolitical worries had fuelled the increase, along with indications that production cuts by Opec members are starting to bite. Meanwhile, OPEC and its partners implemented more than 100 percent of their agreed cuts last month, and the outlook for global demand has improved.

Oil prices languished Wednesday morning, as investors appeared to, at least momentarily, cap robust gains from earlier in the week.

Traders have also attributed the uptick to some demand from China's independent refineries keen to utilise their crude import quotas before they expire at the end of the year.

"The rise in U.S. oil production and exports were bearish news because it shows that United States crude has become highly competitive with the large price discount versus Brent and that could be an incentive for producers to ramp up output". Year-to-date, the average price of Brent, has risen around 15% compared to last year's average. The oil price squeeze has been orchestrated by the Opec oil producers' group but could be exacerbated if Turkey follows through on threats to block supplies from Kurdistan. The American Petroleum Institute reported late Tuesday (http://www.marketwatch.com/story/oil-prices-up-as-sources-say-api-data-show-us-crude-supply-fell-2017-09-26) a fall of 761,000 barrels, according to sources. The Department of Energy reported that over the last month product demand averaged 20.3 million barrels per day, up by 1.3% from the same period previous year. Saldanha Bay is one of the world's largest crude storage facilities, with the capacity to hold 45 million barrels.

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