Oil prices rise on expectations of market balance

Oil edges up as Saudis discuss extending supply cut

In August, Opec crude oil production decreased by 79 tbpd to average 32.76 mpbd, " the report stated.

Crude inventories increased to 468.2 million barrels, although there was still a year-on-year decline of 2.5%. More than half of the retail service stations in some parts of Florida are without gasoline and the energy sector is scrambling to make adjustments.

The assessment echoed a report by the Organization of the Petroleum Exporting Countries forecasting higher demand for its oil in 2018 and pointing to signs of a tighter global market.

The price for Brent crude oil was up 0.68 percent at 9:10 a.m. EDT to $54.64 per barrel.

West Texas Intermediate crude was up 1% to $48.71 a barrel on Wednesday morning. Refinery utilization rates fell by 2 percentage points to 77.7 percent, the lowest rate since 2008.

The U.S. dollar, meanwhile, has declined steadily and, when the value of the greenback falls, commodity prices increase because more dollars are required to purchase the same quantity as when the value was higher.

U.S. gasoline inventories fell 8.4 million barrels last week, the largest weekly drop since the U.S. Energy Information Administration began tracking data in 1990.

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.

Distillate stockpiles, which include diesel and heating oil, fell by 3.2 million barrels, versus expectations for a 1.5 million-barrel drop, the EIA data showed.


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