In the wake of the hurricanes Harvey and Irma, oil demand is expected to drop by some 900,000 bpd this month, Goldman Sachs said on Monday. Irma made a landfall in Florida on Sunday and is barreling through the state to the northwest.
Global benchmark November Brent crude LCOX7, +0.02% inched up by 6 cents, or 0.1%, to finish at $53.84 a barrel on the ICE Futures Europe exchange.
Opec and other producers, including Russian Federation, have agreed to reduce output by about 1.8 million barrels per day until next March in a bid to reduce global oil inventories and support oil prices.
Geoffrey Craig, the oil futures editor for Platts, said markets will be tested by what could be a steady buildup in US crude oil inventories.
Saudi Arabian Energy Minister Khalid Al Falih discussed with his Venezuelan and Kazakh counterparts the possible extension of the global oil supply cut pact beyond March 2018, the Saudi energy ministry said late on Sunday. It's likely that crude oil prices will make their third attempt and retest leading towards $ 47.50.
"It is clear that the rebalancing process is underway, supported by the high conformity levels of OPEC member countries and participating non-OPEC countries to the production adjustments" in the cooperation agreement, OPEC secretary general Sanusi Barkindo said in a speech in Oxford on Monday.
The market is also watching closely for US inventories data in the wake of recent storms. Pipelines from Cushing run to key refineries in the U.S. Gulf Coast of Mexico and the hub is an important indicator of crude demand.
"Over the next two to three weeks, the EIA inventory numbers will be rather sloppy because you have production disrupted, refineries going offline and online", he said, noting that OPEC figures are a better signal of market stabilization, "That's why you have to look out further".
In a related matter, reliable sources reported on Monday that Saudi Arabia will supply full contracted volumes of crude oil to at least five north Asian term buyers in October, while a sixth regional refiner was notified of cuts to its October Arab Extra Light supplies.
Libyan production-which has undercut OPEC's efforts-fell significantly by 112,300 barrels in August, to 890,000 barrels a day, a result of pipeline closures and disruptions at its oil fields, the report showed.
USAF officials said they want to use a variety of rockets for the X-37B programme to launch quickly if warranted. It is the fifth flight for one of these crewless mini-shuttles, known as the X-37B Orbital Test Vehicle .
I am not sure about you guys, but this letter is powerful and it got me excited about the upcoming season for the Cavaliers . He finished third in the National Basketball Association with an average of 28.9 points in 2016-17.
But on Sunday, the Packers defense did nearly everything right, something Green Bay fans haven't seen in a very long time . The Seattle Seahawks took a slim 3-0 lead into the third quarter thanks to a Blair Walsh field goal late in the second.
In a joint statement after the meeting, Pelosi and Schumer signaled that Trump agreed to punt everything to December. If not, the government would be unable to borrow more money or pay its bills, including its debt payments.
Nebraska's maligned defense, which had trouble slowing down Arkansas State, blanked the Ducks in the second half. Oregon is facing an old foe today, Nebraska head coach Mike Riley, who was a longtime coach at Oregon State.
The Poetic Justice actress was forced to postpone her Unbreakable World Tour in May 2016 when she announced she was pregnant. She says she plans to visit some of the victims of the massive storm and let people know she cares about their plight.
Up to 1TB of SSD storage is available and it also comes with two USB Type-C ports, two USB Type-A ports and a 3-in-1 card reader. With 15.9 mm thickness, the Mi Notebook Pro weighs 1.95 KG. - 2-antenna AC Wi-Fi, so the Wi-Fi performance should be good.
Putin says he believes President Donald Trump's administration is willing to defuse tensions over North Korea's nuclear ambitions. It knows the power to reward Russian Federation by lifting sanctions now lies with a hostile US Congress.
Pressure from Washington has ratcheted up since North Korea conducted its sixth and largest nuclear test on Sunday. The Swedish Embassy in Pyongyang also provides consular services for the United States, Australia and Canada.
James Franklin slights Pitt after Penn State's win
Pitt ran 46 plays for 150 total yards and had the ball over two thirds of the first half (21:51 of game time). Penn State agreed to renew the series in July of 2011, under then AD Tim Curley and head coach Joe Paterno.
Hurricane Katia slams into Mexico's Veracruz state
At the same time, Irma strengthened back into a Category 5 storm Friday night, after weakening to a Category 4 earlier in the day. As of early Saturday morning, Katia was about 185 km west northwest of the Gulf Coast port of Veracruz , the NHC said.
Woodburn, 17, revives Wales World Cup bid
Wales now sit third in Group D on 11 points from seven games, while Moldova are bottom of the pile on two points. Woodburn has certainly shown a lot of promised and has been touted as a possible superstar for the future.
Biggest snubs of Week 2 AP Poll
Wisconsin is ranked No. 9 in the latest AP Top 25 and 11th in the Amway Coaches Top 25 poll, both out on Tuesday. Texas, which was No. 23 last week, fell out of the poll after dropping a 51-41 decision to Maryland .
North Korea may have conducted sixth nuclear test
His comments come after meeting with President Donald Trump , Vice President Mike Pence and other top national security advisors. As North Korea conducts its sixth and most powerful nuclear test, US President Trump considers his response.