Crude Oil Making Another Charge At USD50 Post-Harvey

Refinery crude runs fell by 424,000 barrels per day, API data showed.

The global oil surplus is beginning to shrink due to stronger-than-expected European and US demand growth, as well as production declines in OPEC and non-OPEC countries, the International Energy Agency said on Wednesday.

Russian Federation in August fulfilled the agreement by 105%, reducing production by 316,000 barrels with a quota of 300,000 barrels per day.

However, The International Energy Agency (IEA) still sees no need for a coordinated international release of oil stocks.

Sinead O'Connor says her mother sexually abused her
Too many musicians are dying. "I didn't want to be sold on my sexuality". "I didn't talk to her for about nine months". Sinead O'Connor has opened up about her hard upbringing in an interview on the United States chat show, Dr Phil .

"Depending on the pace of recovery for the USA refining industry post-Harvey, very soon OECD product stocks could fall to, or even below, the five-year level", it said referring to Hurricane Harvey which hit the United States two weeks ago. Demand rose by 2.3 million barrels a day in the second quarter of this year. But if inventories drop below the five-year average soon, those output cuts may not be prolonged.

"Based on recent bets made by investors, expectations are that markets are tightening and that prices will rise, albeit very modestly", the IEA said.

Also ahead, the Organization of Petroleum Exporting Countries' monthly report to assess global supply and demand levels is due.

The agreement on reducing oil production, which OPEC has concluded with 11 independent producing countries, including Russian Federation, is in effect until the end of March 2018.

Kenow wildfire destroys visitor centre in Waterton Lakes National Park
Cardston County nearby declared a state of emergency and told residents to head to the civic centre in the town of Cardston. A special air quality statement has been issued by Environment Canada for the area.

OPEC output fell in August for the first time in five months, after turmoil in Libya disrupted flows and other member countries reduced production.

The 10 non-OPEC producers that are part of the supply cut pact also cut production by 270,000 barrels per day in August from July, and their output is now 640,000 barrels per day their pledged level.

Hurricane Harvey, which raged through Texas and parts of Louisiana late in August, forced the shutdown of about a quarter of US refining capacity as well as ports, pipelines and offshore platforms.

Even though the sector was able to cope, the International Energy Agency said severe weather in the United States should serve as a warning for oil markets. Year over year, however, supply is up by 1.2 million barrels a day.

North Korea lashes out over 'vicious' United Nations sanctions
It followed up with a sixth nuclear test on September 3, its largest to date, which it said was a miniaturized hydrogen bomb . The United States and its allies had pushed for new sanctions to increase pressure on North Korea to agree to negotiations.

WTI light sweet crude oil rose 48 cents to USD48.71 a barrel.

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