USA crude stockpiles fell more than expected last week

USA crude stockpiles fell more than expected last week

USA crude stockpiles fell more than expected last week

U.S. crude stocks C-STK-T-EIA fell 5.3 million barrels in the week to September 7 to 396.2 million barrels, the lowest since February 2015 and about 3 percent below the five-year average for this time of year, the U.S. Energy Information Administration (EIA) said on Wednesday.

Oil prices slipped during Thursday's Asian session, undoing some of the gains made during Wednesday's NY trading session.

Brent crude futures climbed 30 cents, or 0.4 per cent, to $79.36 a barrel. OPEC said it expects non-OPEC production to expand by 2.15 million barrels a day next year, 20,000 more than forecast last month.

"Oil prices jumped overnight as American Petroleum Institute inventory data showed a large drawdown in inventories", said William O'Loughlin of Australia's Rivkin Securities.

Iraq replaced Saudi Arabia in August as the top oil supplier to India, the data showed, as refiners turned to Iraqi barrels to compensate for a lower intake of Iranian oil ahead of the U.S. sanctions in November.

Such concerns have prompted U.S. Energy Secretary Rick Perry to meet his Saudi and Russian counterparts in an effort to convince those two countries to keep oil output high in order to offset a reduction in future Iranian oil exports.

Further oil price increases could trigger a slowdown in domestic or global economic growth, which could further complicate the U.S.' Iran policy and Trump's domestic political situation.

Last month, in its August STEO, the EIA predicted that ethanol production would average 1.04 million barrels per day in both 2018 and 2019.

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Russian Energy Minister Alexander Novak said USA trade measures against China are also contributing to the instability in the Global oil market.

Russian Energy Minister Alexander Novak on Wednesday warned of the impact of the US sanctions against Iran.

Gasoline stocks rose by 1.3 million barrels, slightly below analysts' expectations. As Florence moves closer to the southeastern coast of the USA, the storm appears likely to strengthen, forecasters said.

After years of holding back, OPEC opened the flood gates this summer by increasing crude oil production by 278,000 barrels a day from July to August.

"It is related to the fact that not all the countries have managed to restore their market and production", he said, referring to outages and falling production in Mexico and Venezuela. World ask will hit a excessive of a hundred.three million bpd in the closing quarter of this twelve months, earlier than moderating to Ninety 9.three million bpd in the first quarter of subsequent twelve months, the company said.

In addition, OPEC's production also is rising.

Oil traders were also watching the progress of category 4 Hurricane Florence, which is expected to make landfall in the U.S. by Friday.

Refinery utilization rates rose by 1 percentage points.

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