Crude Oil Firms Above $50

Energy Takes a Backseat as Crude Oil Stabilizes Under $50

Energy Takes a Backseat as Crude Oil Stabilizes Under $50

Crude inventories rose by 4.6 million barrels in the week ending September 15, compared with analyst expectations for an increase of 3.5 million barrels.

This comes despite OPEC's decision in January to cut oil production by 1.8 million bpd at least until March 2018, a cut made in conjunction with along with major oil producer Russian Federation.

Futures climbed as much as 1.3 percent in NY after declining 0.9 percent Tuesday.

OPEC and non-OPEC producers including Russian Federation have agreed to reduce output by about 1.8 million barrels per day (bpd) until March to reduce global oil inventories and support prices. Some U.S. refiners are delaying maintenance to take advantage of strong margins.

Georgi Slavov, the head of research at commodities brokerage Marex Spectron, said he did not expect demand for crude oil to rise significantly in the final quarter of this year, which meant supply would have to be restricted even more tightly.

Early Wednesday, traders are showing nearly no reaction to comments from Iraq's oil minister who said OPEC and other crude producers were considering extending or even deepening a supply cut to curb a global glut.

Arsenal battle to deserved point at 10-man Chelsea
However, Chelsea were reduced to 10 men in the 87th minute when David Luiz was shown a straight red card for late challenge. Alexandre Lacazette was in the right place for the rebound but he could not keep his effort from sailing over the bar.

"Some think that cuts should be extended beyond March, three or four months, or six months, or maybe till the end of 2018", he said at an energy conference in the United Arab Emirates Tuesday.

US crude futures climbed 1.2% to $50.09 a barrel, and Brent rose 1.2% to $55.80 per barrel. The more-active November futures climbed 60 cents to $50.50 at 12:07 p.m. London time.

November Brent crude LCOX7, +1.07% the global benchmark, rose 49 cents, or 0.9%, to$55.63 a barrel on the ICE Futures Europe exchange.

U.S. crude oil stockpiles jumped last week as imports and production increased, the U.S. Energy Information Administration said, as operations resumed from the impact of Hurricane Harvey which hit the Gulf Coast on August 25.

Gasoline stocks fell 2.1 million barrels, in line with analysts' expectations while distillate stocks inventories fell 5.7 million barrels, the biggest weekly draw since November 2011.

Global crude oil prices slipped slightly Monday but stayed close to multimonth highs as traders braced for a potential stockpile build, expected later this week.

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