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Crude Supported By Middle East Producer Cuts Ahead of OPEC Meet

Crude Supported By Middle East Producer Cuts Ahead of OPEC Meet

But last week, the International Energy Agency said oil stockpiles in developed countries could hit or fall below their five-year average "very soon," a key target for OPEC as it considers extending the output cuts.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 703,000 barrels, EIA said.

OPEC, led by Saudi Arabia, and other non-OPEC members such as Russian Federation pledged they will decrease their output to by 1.8 million barrels per day in 2017 up to next year.

Crude oil prices continued to climb on Wednesday, amid hopes for additional global supply cuts, while traders eyed the release of weekly USA stockpiles data due later in the day.

The gains came despite Energy Information Administration data released Wednesday showing that USA crude supplies climbed by 4.6 million barrels for the week ended September 15, far above a recent S&P Global Platts forecast for a 2.4 million barrel rise.

WTI's front-month contract was up $0.15, or 0.3%, at $50.06 per barrel on the New York Mercantile Exchange.

The EIA also said total domestic crude oil output rose by 157,000 barrels a day to 9.510 million barrels a day.

Is Vladimir Putin Behind Kim Jong-un's Latest Missile Threat?
Mattis told reporters that he believed diplomacy and sanctions were so far succeeding in putting more pressure on Pyongyang. Many analysts expect North Korea to dominate TrumpĪ„s speech on Tuesday night at the UN General Assembly.

Crystal Palace vs Southampton English Premier League Match Preview
Crystal Palace have now set a record for the longest run at the start of a Premier League campaign without scoring. Speaking to Sky Sports , the 70-year-old said "The desire was there but unfortunately it was a frantic desire".

FTC is investigating the Equifax breach
Equifax, a credit monitoring service, says 143 million Americans may have had personal information exposed during a data breach. The patch would have been time consuming as it involved rebuilding hundreds of apps using the new updated software.

Iraq's disclosure came a day after industry data showed Saudi Arabia, OPEC's de factor leader and the world's largest crude exporter, had shipped its lowest amount of oil in three years in July. All told, total US petroleum stocks fell by 6.6 million barrels.

Global crude oil prices slipped slightly Monday but stayed close to multimonth highs as traders braced for a potential stockpile build, expected later this week.

On Friday, OPEC and its producer friends meet in Vienna to discuss the progress of their deal to limit production, trim the global supply and stabilize prices.

The cuts have already been extended by nine months until the end of March 2018, over which time United States production has added 500,000 BPD.

Some cartel members-including less compliant nations like Iraq-have indicated in recent weeks that they would be open to extending the production cuts after the deal expires early next year, but analysts and investors don't expect a final decision until OPEC's next official gathering in November.

Elsewhere, gasoline futures gained slipped 0.26% to $1.643 a gallon, while natural gas futures fell 0.36% to $3.083 per million British thermal units.

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