Saudi Arabia open to another OPEC cuts extension

Saudi Arabia open to another OPEC cuts extension

Saudi Arabia open to another OPEC cuts extension

OPEC and Russian Federation have also said they would cut oil production by 1.8 million barrels per day, as a supply glut continues and Iran prepares to boost its output.

The market "will be paying greater attention than usual" to the inventory numbers, which will give "the clearest picture to date of the fundamental impact to the oil market from Hurricane Harvey", said Robbie Fraser, commodity analyst at Schneider Electric, in a note. U.S. West Texas Intermediate (WTI) crude CLc1 declined 30 cents at $47.77 a barrel.

OPEC's secretary-general Mohammad Barkindo said on Monday the supply cut deal was expected to help the global oil market rebalance and strong demand could further reduce oil inventories.

Brent for November settlement climbed 40 cents to $54.24 a barrel on the London-based ICE Futures Europe exchange. Production had been on the rise over the summer, raising concerns OPEC's deal to cut output wasn't working.

"The drop in U.S. oil refining is also to be offset by higher processing at other nations, so worries over a substantial cut in crude oil demand are fading". More recently Hurricane Irma left more than seven million homes without electricity in Florida.

Both U.S. product futures ended lower - gasoline dropped 0.7 percent and heating oil fell 1.4 percent.

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Oil prices finished higher Monday as investors assessed the impact of Hurricane Irma on energy demand in Florida and Hurricane Harvey's extent of damage to oil refineries on the Gulf Coast. It estimates that the global crude oil rig count fell by eight to 715 in August 2017-compared to the previous month.

The deal aims to curb a glut that has weighed on crude prices for more than three years.

Six analysts polled ahead of inventory reports from industry group the American Petroleum Institute (API) and the U.S. Department of Energy's Energy Information Administration (EIA) estimated, on average, that crude stocks likely rose 2.3 million barrels in the week ended September 8.

Mr Al Falih concurred in separate talks with the ministers in the Kazakh capital Astana that steps taken by Opec and other major crude producers such as Kazakhstan have contributed to better market stability, according to statements from the Saudi energy ministry.

Official data from the Energy Information Administration will be released Wednesday.

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