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13 September 2017, 12:43 | Marta Robbins
Oil edges up as Saudi discusses oil supply cut extension
The possibility of an extension to the 15-month production pact between members of the Organization of the Petroleum Exporting Countries and non-OPEC producers also helped to support prices, traders said. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.10% at $48.11 a barrel.
Crude oil inched higher Tuesday morning, adding to yesterday's gains amid signs that OPEC will further extend its supply quota plan.
After the API report, USA gasoline futures rose RBc1, surpassing their session high.
Vanguard survey of crude oil markets showed that the price of Brent which is usually used to benchmark the prices of other crudes stood at $54.30 per barrel yesterday.
Irma knocked out power to almost 5.8 million Florida homes and businesses on Sunday after millions were told to evacuate ahead of the storm.
Analysts anticipate the power outages and the evacuation of the region may damp consumer appetite for crude. It estimates that the worldwide crude oil rig count fell by eight to 715 in August 2017-compared to the previous month.
An extension of that duration would be needed under the worst-case scenario for the oil market that Opec ministers are now contemplating, the people said, asking not to be named because the talks were private.
Resurgent production in the two African countries has caused headaches for other cartel members such as Saudi Arabia, which cut its production to below 10 million barrels per day in August but isn't seeing dramatically increased revenue from higher prices. Production had been on the rise over the summer, raising concerns OPEC's deal to cut output wasn't working.
On September 8, energy services company Baker Hughes (BHI) released its weekly United States crude oil rig count report.
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 USA over the weekend. "A similar production level is also anticipated for September", the Saudi ministry said.
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