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Crude Up as IEA Sees Better then Expected Demand, Shrinking Inventories
October 18 2017, 10:59 | Alonzo Simpson
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After a long time, commodity prices are on the rise.
United States oil prices hit at a five-week high and Brent crude rose to their highest since April, after a report from the International Energy Agency that showed global crude production fell for the first time in four months in August with some of that due to the impact of Hurricane Harvey.
"It looks like we are turning the corner", Phil Flynn, senior market analyst at Price Futures Group Inc in Chicago, said by telephone.
Early Wednesday, the U.S. Energy Information Administration said domestic crude supplies climbed (http://www.marketwatch.com/story/eia-reports-smaller-than-expected-rise-in-us-crude-supplies-output-climbs-2017-09-13) by 5.9 million barrels for the week ended September 8.
The International Energy Agency raised their forecast for the growth of the global oil demand in 2017 by 100 thousand barrels per day, to 1.6 million barrels per day.
The Energy Information Administration reported that USA crude oil imports averaged 6.5 million barrels per day last week, down by 603,000 barrels per day from the previous week.
The IEA said OPEC crude production fell in August for the first time in five months, thanks to both cuts in production as well as a flare-up in turmoil in Libya disrupting output.
Strong demand from the U.S. and Europe in the second quarter and robust consumption from elsewhere will outweigh an expected slowdown from Hurricanes Harvey and Irma in the third quarter.
West Texas Intermediate, the USA benchmark for the price of oil, took an erratic turn in early trading to lose 0.12 percent from the previous close to $48.01 per barrel.
OPEC released its monthly oil market report on September 12, 2017.
The government also said distillates, which include heating oil, declined by 3.2 million barrels, well above the forecast for a 300,000-barrel draw.
U.S. crude production rebounded to an average of 9.4 million barrels per day last week from 8.8 million bpd a week earlier, entirely the result of increases in the lower 48 states.
The reports from the IEA and OPEC offset concerns over the EIA stockpile build, supporting prices.
The IEA report confirmed the same trend highlighted in OPEC's August report out the day before.
In the U.S., refineries are set to process more crude as they come back online after Hurricane Harvey led gasoline inventories to tumble the most on record last week.
Oil is higher for the fourth day in a row as the U.S. refinery industry restarts after Harvey.