Oil up on OPEC output decline; U.S. refinery restarts

13 Sep 2017   Prices

Oil prices rose on Tuesday after OPEC forecast higher demand in 2018 and Russia and Venezuela confirmed their commitment to a production-cutting deal to reduce the global crude glut. In its monthly report, the Organization of the Petroleum Exporting Countries also said the two hurricanes that hit the United States in recent weeks would have a “negligible” impact on demand. About 6.1 million customers were without power following Hurricane Irma, down from a peak over 7.4 million late Monday, according to local utilities. 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. The largest refinery in the United States, in Port Arthur Texas, was running at reduced rates, sources told Reuters. Brent crude LCOc1 settled up 43 cents or 0.8 percent to $54.27 per barrel. Its session low was $53.42. […]

Comments are closed.