Harry Tchilinguirian, global head of commodity markets at BNP Paribas, said the market was still determining the extent of the damage of Hurricane Harvey on oil refineries, while anticipating the effect of Hurricane Irma, which made landfall in the us over the weekend.
Power has been cut to 4 million homes in Florida as millions fled the state as Hurricane Irma moved up the coast.
Irma hit Florida on Sunday morning as a unsafe Category 4 storm, the second highest level on the five-step Saffir-Simpson scale, but by afternoon it weakened to a Category 2 with maximum sustained winds of 110 miles per hour (177 kph).
Brent, the global benchmark, rose 45 cents, or 0.84%, to $54.29 a barrel.
OPEC and other producers, including Russia, Mexico and Kazakhstan pledged in late 2016 to reduce output by about 1.8 million barrels a day to eliminate a global surplus that was depressing prices. 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.
Commenting on the impact on oil production of hurricane Harvey, OPEC said "the USA energy industry appears to be rebounding quickly".
The Organization of Petroleum Exporting Countries and its allies may keep output cuts in place well into the second half of next year, according to people familiar with the matter. But market sources in North Asia say North Korea now takes about 6 million barrels/year of Chinese crude.
OPEC said inventories were falling and that an increase in the price of Brent crude for immediate delivery to a premium to that for later supplies raised hopes that a rebalancing is under way. "Due to the demand-focused impact of Irma, we find that, by the end of September, gasoline and distillate stocks respectively are only -8 million barrels and -13 million barrels lower respectively than they otherwise would have been". It is also costing them market share to rivals, including partner Russian Federation and the U.S.
After Hurricane Harvey halted nearly a quarter of the nation's refining capacity, crude prices in NY slumped as gasoline prices soared.
"Over the next two to three weeks, the EIA inventory numbers will be rather sloppy because you have production disrupted, refineries going offline and online", he said, noting that OPEC figures are a better signal of market stabilization, "That's why you have to look out further".
Non-Opec Kazakhstan is aiming for a stand-alone deal with Opec on restraining its crude production due to a need to crank up output at its Kashagan field, a Kazakh official said last week.
Only three days earlier, Antigua and Barbuda had been devastated by a peak-strength Category 5 Irma, packing 185-mph winds. On late Monday afternoon, the NHC announced that Hurricane Jose continues to move far northeast of the Bahamas.
Democratic activists believe the GOP's failed attempt to repeal Obamacare has strengthened the resolve of the nation's leftists. In telling her side of the story, Clinton takes jabs at Sen. "I think health care should be a right to all ", said Booker.
Susquehanna International Ltd Liability Partnership accumulated 94,138 shares. 18,876 were reported by Horizon Kinetics Ltd Com. The company reported $3.20 earnings per share for the quarter, topping the Zacks' consensus estimate of $3.10 by $0.10.
Local schools routinely boast a bit about these and other rankings, but also point out weaknesses in the methodology used by U.S. News & World Report as one of the top regional universities in the South-and as one offering best value".
Will Burnley get their first home win of the season? Pointless and goalless, Palace must turn things around and quick. Dyche and his men are certain they can bag all three, but the Eagles won't go down without a fight.
Though they have a bevy of receiving talent, the Giants' offensive line and running game leaves a lot to be desired. Sustaining that elite pace will be hard , but the team's play over the last half of the prior year lends hope.
Man United is unlikely to have much trouble getting through in a group that features Benfica, FC Basel and CSKA Moscow . Mourinho said he had "no complaints" about how English football was set up and that he had the option to rest players.
The reputation of Macao as the place of the famous casinos, brothels and clans triads selling opium was born in the 18th century. And it lasted until the 60s of the 20th century, while a powerful businessman Stanley Ho became interested in the region.
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Some 50,000 people have been jailed and 150,000 have lost their jobs, while private companies have been seized. Turkey has declared a state of emergency following the failed military coup, in effect until October.
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