Oil Prices Rise As OPEC Oil Production Declines In August

Marathon Petroleum Corp. oil storage tanks sit at a terminal in the Ybor Channel ahead of Hurricane Irma in Tampa Florida U.S. Sept. 9 2017

Harry Tchilinguirian, global head of commodity markets at BNP Paribas, said the market was still determining the extent of the damage of Hurricane Harvey on oil refineries, while anticipating the effect of Hurricane Irma, which made landfall in the us over the weekend.

Hurricane Irma knocked out power to more than 3 million homes and businesses in Florida on Sunday. It gradually lost strength and weakened to a tropical storm by Monday morning as it headed toward Georgia.

At around $54 per barrel, the price for Brent crude oil, the global benchmark, is up almost $7 per barrel from June 30, but still below its peak of just over $56 per barrel for the year.

Global benchmark Brent crude edged 32 cents higher to $54.16 per barrel by 1235 GMT from the previous close.

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

Separately, analysts polled by Reuters expected US crude stocks to have risen by 2.3 million barrels last week while those surveyed by Bloomberg expected a build of 4.9 million barrels.

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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.

Meanwhile, monthly reports from the Opec and International Every Agency due Tuesday and Wednesday, respectively, are expected to provide market participants with an update on Opec production and global demand forecasts.

Saudi Arabia is likely taking advantage of the lower refinery run rates and ample crude inventories in the United States, a trader who specializes in Middle East crude supplies said. Inventories of gasoline and distillate were expected to fall 4 million barrels and 300,000 barrels, respectively.

The market is also watching closely for USA inventories data in the wake of recent storms.

The hurricanes have rattled energy markets, with Irma shutting Florida fuel stations and ports and Harvey earlier halting about one-quarter of the nation's refining capacity.

Saudi Arabia-OPEC's largest member and the world's biggest crude exporter-has been debating whether to extend the cartel's production cutting deal after it expires next year. An extension of at least three more months is being discussed before the cartel meets again in November.

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