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13 September 2017, 12:43 | Myrtle Vega
The different scenarios depend on multiple variables, including the level of compliance with agreed cuts by OPEC and its allies, the pace of the oil output recovery in Libya and Nigeria, the strength of global demand, and the pace of the recovery in United States shale output. Worldwide benchmark Brent crude LCOc1 dropped by 35 cents to $53.49 per barrel from the previous close.
Opec and other producers, including Russian Federation, have agreed to reduce output by about 1.8 million barrels per day until next March in a bid to reduce global oil inventories and support oil prices.
U.S. West Texas Intermediate (WTI) CLc1 was up 16 cents or 0.3 percent to $48.23 a barrel.
Oil prices headed higher Tuesday, stretching gains in to a second-consecutive session as the latest OPEC report that showed oil production from the cartel fell last month. OPEC exempted the two nations from cutting production because their output had already tanked due to domestic conflicts.
Hurricane Irma, which has been moving inland over the southeastern parts of the USA, has affected at least nine states so far, among them Florida, Georgia, Alabama and SC, causing storm surges and flooding and cutting off power supplies. While some oil processing has recovered, 6 percent of US capacity still remains shut.
USA inventories data will be closely watched over the next two days amid uncertainties over the impact of recent hurricanes.
The deal aims to curb a glut that has weighed on crude prices for more than three years.
On average, analysts polled by S&P Global Platts expect the EIA to report a climb of 10.1 million barrels in crude supplies, along with declines in gasoline stocks of 4 million and distillate stocks of 300,000 barrels.
Saudi Arabian Energy Minister Khalid Al-Falih agreed with his Venezuelan, Kazakh and UAE counterparts on Monday to keep all options open in their push to re-balance oil markets.
On September 8, energy services company Baker Hughes (BHI) released its weekly USA crude oil rig count report.
"We're waiting for our refineries to all get going", he said, "On the east coast we don't have enough gasoline so we have to import more product from Europe, which adds a boost to Brent".
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