Saudi, UAE agree extension of oil cuts may be considered - statement

Saudi's Falih discuss oil supply cuts extension with Venezuela, Kazakhstan

Saudi's Falih discuss oil supply cuts extension with Venezuela, Kazakhstan

It comes trailing Hurricane Harvey, which struck the US oil hub of Texas two weeks ago, affecting a quarter of the nation's refineries, many of which are now resuming operations.

Irma's hit in demand will partly offset the Gulf Coast's interrupted refinery runs, which are taking longer than expected to recover, according to the bank.

"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 said in a note.

Investors were also watching closely for the storms' impact on inventories.

Three men charged with terror offences in neo-Nazi probe
West Midlands Police confirmed the arrests were "pre-planned and intelligence-led" with no threat to public safety, as per BBC . A man from Northampton and another from Ipswich, both aged 24, were released without charge on Saturday following inquiries.

Hurricane Irma knocked out power to almost 5.8 million Florida homes and businesses on Sunday after millions were told to evacuate ahead of the storm.

"At this point, there is an expected hit to gasoline demand from Hurricane Irma in Florida, but we are hearing that the infrastructure isn't as bad off as feared", said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund, in a telephone interview.

U.S. West Texas Intermediate (WTI) shed 5 cents, or around 0.1%, to $48.02 a barrel by 3:15AM ET (0715GMT). Harvey slashed refining capacity across Texas, forcing shutdowns of key refineries from Corpus Christi and Houston to Port Arthur, including the largest USA fuel-making plant.

"The oil market reacted to the Saudi talks", said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting in Tokyo.

SC notice to Centre, CBSE and cops over Gurugram murder
In view of the incident, the government has ordered all Ryan group schools in Gurugram to remain shut on Monday and Tuesday. Meanwhile, protests erupted in Mumbai as well will angry parents demanding answers from the Ryan school management.

OPEC and other producers including Russian Federation pledged to reduce production by about 1.8 million barrels a day through March in a drive to trim global oil inventories and buttress prices.

Saudi Arabia's Energy Minister Khalid al-Falih met his Venezuelan and Kazakh counterparts at the weekend to discuss an extension of a deal to cut production by about 1.8 million bpd until March 2018 by at least three months, the Saudi energy ministry said.

The deal agreed late previous year helped to keep prices as high as $58 a barrel in January, but they have since sagged as global stocks have not fallen as quickly as expected. The Saudi energy minister and his Venezuelan counterpart said both their countries are exceeding full compliance with their targeted production cuts and that they shared "an optimistic outlook" on global supply and demand for crude in 2018, according to a statement.

Mr Al Falih and Mr Al Mazrouei agreed that an extension of the output cuts beyond March 31 "may be considered in due course as fundamentals unfold", according to the Saudi ministry.

China says diplomacy needed to rid Korean peninsula of nuclear weapons
North Korea was condemned for conducting its sixth nuclear test on September 3, which it said was of an advanced hydrogen bomb. She said an agreement similar to the Iranian nuclear deal struck under the Obama administration could be the solution.

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