Global

Crude oil settles higher as Saudi oil chief discusses extending cuts

Crude oil settles higher as Saudi oil chief discusses extending cuts

That was largely tied to solid gains in crude oil, sparked by signs of reduced global production.

Crude inventories increased to 468.2 million barrels, although there was still a year-on-year decline of 2.5%.

Traders have been watching the level of commercial crude oil and petroleum product inventories for much of the year in part to gauge the impact of an effort led by the Organization of Petroleum Exporting Countries to balance an oversupplied market with managed production declines.

"Based on recent bets made by investors, expectations are that markets are tightening and that prices will rise, albeit very modestly", the IEA, which coordinates energy policies in industrialised nations, said in its monthly report. Refinery utilization rates fell by 2 percentage points to 77.7 percent, the lowest rate since 2008.

More news: Canelo Reacts To Comment He Deemed 'Stupid' From Golovkin

Brent crude was up 32 cents, or 0.6%, at $54.59 U.S. a barrel by mid-morning Wednesday, while U.S. West Texas Intermediate was up 54 cents, or 1.1% at $48.77 U.S. a barrel.

Unprecedented flooding from the Category 4 storm that slammed into the state's coast last week, sending gasoline prices surging as oil refineries shut, may also set a record for rainfall in the contiguous US, the weather service said Tuesday.

The latest Energy Information Administration (EIA) data recorded an inventory build of 5.9 million barrels for the week ending September 8th following a build of 4.6 million barrels the previous week.

Oil prices were also lifted when the world's energy watchdog said that global oil supplies fell in August for the first time in four months.


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