Oil Prices Relatively Steady, Despite Surprise Crude Draw (USO)

Oil Rises Nearly 1

Oil Rises Nearly 1

The monthly reports from IEA and Opec also raised their demand forecasts higher for this year.

Figures released Wednesday by the Energy Information Administration revealed that crude inventories fell by 1.8 million barrels in the week to September 22, compared with analysts' expectations for an increase of 3.4 million barrels.

Now that the refining complex is mostly up and running again, oil stockpiles are beginning to fall again.

Brent oil prices hovered near 26-month highs, supported by Turkey's threat to cut crude exports from Iraq's Kurdistan region as well as signs that market rebalancing is accelerating. The EIA has revised lower U.S. oil production for 2017 from 9.35 million bpd to 9.25 million.

Refinery crude runs increased by 1 million barrels per day as utilization rates rose by 5.4 percentage points to 88.6 percent of total capacity, its highest rate since Harvey hit on August 25, EIA data showed.

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The average price of Oman oil (October delivery) has increased $2.76 to touch $50.39 per barrel compared to September delivery, DME said.

China has begun to increase its imports of the valuable commodity.

Brent LCOc1 settled 58 cents, or 1 percent, lower at $58.44 a barrel after hitting $59.49, its highest since July 2015 and more than 34 percent above their 2017 low.

The price of OPEC basket also rocketed by 1.14 cents surging to a $52.82 per barrel.

PublicInvest Research has maintained its "overweight" recommendation on the oil and gas (O&G) sector, premised on the stabilisation of prices at higher levels, thereby encouraging a return in activity.

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Price then said he would end the practice until the HHS inspector general finished his review of the trips. The President said he's going to look at it and, when asked if he'll fire Price, added, "We'll see".

The nation's commercial crude stockpiles fell by 1.8 million barrels last week, showing that the oil bottleneck created by Hurricane Harvey is beginning to fade.

Global demand growth is "coming somewhere close to 1.6 to 1.7 million barrels per day and is driven by distillates", BP's Regional CEO for Supply and Trading for the Eastern Hemisphere, Janet Kong, said at the conference.

Worldwide benchmark Brent crude rose 77 cents, or 1.4 percent, to $57.63 by 9:21 a.m. ET. It said to be confident the oil market is moving in the right direction. "Given the decreased inventories, a cooler than usual winter could mean an uptick in prices".

Output cuts by Organisation of the Petroleum Exporting Countries and other oil producers are clearing a supply glut that has weighed on crude prices for three years, ministers said at a meeting on Friday to review the pact that expires next March.

Mr Begg said Brent crude prices cooled later in the session as traders took the higher prices as an opportunity to sell and lock in a profit before the next-month contract expires. United States exports jumped 61% to 1.49 million barrels a day, the Energy Information Administration (EIA) reported.

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The no-frills carrier also signalled that it would no longer require its pilots to give up a week of their leave. The gesture means Ryanair's original €25m (£22.2m) cost estimate for the pilot rota blunder has doubled to €50m.

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