U.S. crude stockpiles seen rising last week, products likely down

Will the FOMC Meeting Drive the US Dollar and Crude Oil Futures

Meanwhile, an OPEC committee concluded the cartel and allied oil producers overshot production curbs called for in their agreement, according to two delegates.

Expectation that the Organization of the Petroleum Exporting Countries (OPEC) will extend its output reduction initiative beyond its March 2018 expiry date, along with USA president Donald Trump getting tough with Iran in a United Nations address this week, caused crude on Wednesday to finish at a four month high.

Brent crude futures, the worldwide benchmark for oil prices, were at United States dollars 56.13 a barrel at 0134 GMT, down 16 cents, or 0.3%, from their last close.

Brent crude futures LCOc1 fell 17 cents to $56.12 a barrel, while the US West Texas Intermediate (WTI) crude futures CLc1 dropped 11 cents to $50.58, reported Reuters.

OPEC and other crude producers including Russian Federation have agreed to reduce output by about a combined 1.8 million barrels per day until March 2018 to reduce global oil inventories and support prices.

The relatively bullish sentiment is supported by the International Energy Agency's (IEA) forecast that global oil demand growth in 2018 will average 1.4 million barrels a day.

More news: Phillies pitcher somehow catches a comebacker in his jersey
More news: Oppose the Graham-Cassidy health reform bill
More news: British aid presence 'ratcheting up' in hurricane-hit Caribbean - Johnson

Economists at the Organization of Petroleum Exporting Countries said in their monthly market report for September that total commercial oil stocks for members of the Organization for Economic Cooperation and Development were 195 million barrels above the five-year average and 123 million barrels above the seasonal norm.

Oil was up Wednesday ahead of US production and stockpile data, after Iraq hinted at a possible extension of the current OPEC and non-OPEC production deal. The EIA's next weekly dataset is on Wednesday.

"We could see some payback in oil prices in the short term", Pedersen said. Ahead of that, will be API's closely-watched inventory sampling at 4:30 p.m. on Tuesday.

"I don't think it's a sure thing they extend the deal at this meeting anyway", Kilduff said.

Some market participants think the amount of crude swirling in the market in the aftermath of Hurricane Harvey was being underestimated, and prices could come under more pressure.

Inventories of diesel and other distillates slid to the lowest level since 2011 while exporters shipped 5.42 million barrels of oil and fuels amid the recovery from Hurricane Harvey, the report showed. All told, total US petroleum stocks fell by 6.6 million barrels.

Related News:



Most liked

Pelosi pushes back at immigration protesters who heckled her
Many Americans are sympathetic to the " DREAMers " and favor a resolution of their status that allows them to remain in the U.S. Given their distance from the president, he usually succeeded in shouting them down or U.S.

Tata Steel, Thyssenkrupp to merge European flat steel operations
The two companies said they intent to remain as long-term partners and continue the present network configuration of all the upstream hubs in the proposed joint venture.

Threat To UK PM May Of Johnson Resignation "Recedes" On Brexit Accord
Mr Johnson spoke to TV cameras in NY after bumping into them at a hotel lift as he returned from a jog. It comes amid reports of Cabinet infighting over Britain's divorce from the EU.

Trump advisers warn North Korea to give up weapons programs
Haley said that wasn't an empty threat from the president but, when asked, she declined to describe the president's intentions. Experts believe that previous sanctions have done little to deter Pyongyang in carrying out weapons tests.

English Premier League Report: Manchester United v Everton 17 September 2017
Everton are in the bottom three after losing three Premier League games in a row, conceding nine goals without reply. It was Rooney's first game back at his old stomping ground following his return to Everton in the off season .

Jamal Lascelles defends Newcastle United team-mate Joselu
Joselu missed a variety of good chances against the Potters as Atsu, Lascelles and Matt Ritchie displayed scintillating performances on the pitch.

Clemson passes Oklahoma for No. 2 ranking
Also new to the top 25 are San Diego State , Utah and OR which are ranked 22nd, 23rd and 24th, respectively. Ohio State ran all over the Sooners with 291 rushing yards in a 45-24 win in Norman, Oklahoma, last season.

BSF jawan killed in Pak firing along Jammu border
The unprovoked firing by Pakistan has resulted in the death of one civilian while five have been seriously wounded. Pakistan violated the ceasefire in Jammu and Kashmir's Arnia sector on Saturday, reported ANI .

ICC congratulates Pakistan on successfully hosting World XI's tour
After the 2009 attack on Sri Lankan team, only Zimbabwe toured the country for a bilateral series in 2015. The series between Pakistan and World XI has garnered a lot of hype and interest.

Kaspersky Labs' Banned by US, Amid Security Concerns
The Kremlin has criticized the United States government's latest ban, describing it as unfair competition. Already the large retailer Best Buy has decided not to sell Kaspersky products in its stores.

Wenger surprised game went ahead after crowd problems
Only 3,000 tickets are available to away supporters but that has not stopped many more making the journey from western Germany. It's finally here, the day we've been dreading since the final day of last season, match day 1 of the Europa League .

Ryan Asserts Trump Didn't Make A Deal On DACA, Just Had Discussions
And Congress must act by December 8 to fund the government or face a shutdown, which could distract from the tax debate.

Clarke: Kohli a better ODI batsman than Smith
And I don't think Sachin will be bothered about that either. "That's the hallmark of a champion side", Laxman said. I am teaching (at my academy) all young boys and girls the technique to excel in all three formats".

Death toll reaches 50 in twin attacks in southern Iraq
Dozens of people have been killed after a series of coordinated attacks in Iraq, including at a restaurant . Both attacks happened on September 14 near the city of Nasiriyah in southern Iraq's Dhi Qar province.

Hulk Hogan Reacts To Kevin Owens Attacking Vince McMahon
Last year, I wrote that WWE should turn Owens babyface and give him an opportunity to be the top guy in the company. Now, one week later, the Chairman himself will make a rare appearance on SmackDown LIVE as WWE Chairman Mr.