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Harvey, Irma Forecast to Cut Oil Demand by 900000 bpd

Harvey, Irma Forecast to Cut Oil Demand by 900000 bpd

Saudi Arabian Energy Minister Khalid Al Falih discussed with his Venezuelan and Kazakh counterparts the possible extension of the global oil supply cut pact beyond March 2018, the Saudi energy ministry said late on Sunday.

Meanwhile, with 17 cents drop from its preceding week, Organization of Petroleum Exporting Countries (OPEC)'s basket price stood at $49.53 per barrel in the mentioned week.

"If the Harvey impact was potentially and possibly short-term bullish for oil prices the same can not be said about Irma", PVM analyst Tamas Varga stated.

WTI light sweet oil was up 17 cents at $48.24 a barrel.

Oil prices rose on Tuesday after OPEC forecast higher demand in 2018 and Russian Federation and Venezuela confirmed their commitment to a production-cutting deal to reduce the global crude glut.

Brent for November settlement climbed 40 cents to $54.24 a barrel on the London-based ICE Futures Europe exchange. The new agreement extends the production deal for nine months until March 2018.

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After the API report, US gasoline futures rose RBc1, surpassing their session high. OPEC exempted the two nations from cutting production because their output had already tanked due to domestic conflicts.

US inventories data will be closely watched over the next two days amid uncertainties over the impact of recent hurricanes. In the first half of this year, crude oil price declined by around 15 percent, which is its worst H1 showing in 19 years.

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.

"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.

"It is clear that the rebalancing process is under way", he said.

The latest inventories data will come back into focus with the API data due for release after Tuesday's NY close with the latest EIA data on Wednesday.


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