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Crude Settles Down Ahead Of API Reading On US Stockpiles

Crude Settles Down Ahead Of API Reading On US Stockpiles

Brent for November settlement dropped 3 cents to $56.26/bbl on the London-based ICE Futures Europe exchange.

Oil has risen nearly 6% since Harvey slammed into the Texas coast on August 25, swamping the heart of the US refining industry and disrupting everything from tanker arrivals to gasoline production.

Oil prices advanced to the highest level in months Wednesday as expectations that OPEC will decide to extend its production-cut deal outweighed pressure from a third-straight weekly jump in USA crude supplies and a hefty rise in production.

US crude futures climbed 1.2% to $50.09 a barrel, and Brent rose 1.2% to $55.80 per barrel.

The commodity got an additional boost on Wednesday, when Iraqi oil minister Jabar al-Luaibi said that his country and other OPEC members are considering options to its production-cut agreement, including an extension beyond March and a deeper output cut.

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Babies "R" Us, the brand which deals with toys and products exclusively for babies, is also planning to enter India soon. Tuesday and plans to have locations open later this year in Sudbury, Ont., Langford, B.C., Fredericton, and Toronto.

Commercial crude oil inventories in the country increased for the consecutive third week soaring by 4.6 million barrels in the week ending 15 September to reach 472.83 million barrels.

Moreover, even if this week's OPEC meeting ends on a high note and supports the argument that their cuts have been effective, any revival in prices will be short lived thanks to the unstoppable US shale industry, which rebounded from Hurricane Harvey far quicker than anyone had predicted.

Asked by Reuters if Iraq would push for additional 1-percent cut at the November meeting, the minister said: "There are proposals and there are ideas". This price is now controlling the direction of the market. Oct. WTI was up 93 cents, or 1.9%, to finish at $50.41/bbl on contract's expiration day. The global benchmark crude traded at a premium of $5.65 to WTI.

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. Traders had priced in a 2.8 million barrel build.

Tillerson this week laid out the case to European allies about flaws in the 2015 Iranian nuclear accord, hours after President Donald Trump said he's made his decision about whether to walk away from the pact, without revealing what it was. However, the recovery in United States oil production after Hurricane Harvey will remain the dominant bearish factor capping price gains. "But concerns about a pullback of the Iran nuclear deal will make it hard for the market to sell oil, even at these levels".

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