However, Goldman said its prediction for increased fuel demand could be upset if Hurricane Irma were to make landfall in Florida where it would not be felt so much on the sparse oil infrastructure than on fuel demand. That's because Texas is home to twice the oil consumption per capita of Florida.
The report from OPEC also highlighted that production outside the group fell in August, driven by disruptions in the US after Hurricane Harvey rampaged through the oil producing regions in Texas and Louisiana.
Oil last traded above $100 a barrel in 2014, the year in which prices began to slide due to excess supply. It's likely that crude oil prices will make their third attempt and retest leading towards $ 47.50.
But many refineries along the Gulf Coast were knocked offline by the hurricane, prompting a notable rise in crude stockpiles for the week ended September 1, according to the Energy Information Administration.
The numbers, however, might not be indicative of the longer term supply demand picture, said Mark Watkins, regional investment manager at U.S. Bank.
"The recovery is well underway but the restarts are taking more time and, for some refiners, exposed more significant damage", the analysts said.
Irma knocked out power to almost 5.8 million Florida homes and businesses on Sunday after millions were told to evacuate ahead of the storm. Harvey slashed refining capacity across Texas, forcing shutdowns of key refineries from Corpus Christi and Houston to Port Arthur, including the largest USA fuel-making plant.
West Texas Intermediate for October delivery added 20 cents to $48.27 a barrel at 1:06 p.m. on the New York Mercantile Exchange.
"It is clear that the rebalancing process is under way", he said.
OPEC oil output by its 14 member countries fell in August by 79,000 barrels per day (bpd) from July to 32.76 million bpd, below a demand forecast. The producers are seeking to strengthen compliance with the reduction accord they reached past year.
On Monday, Falih and his United Arab Emirates counterpart also agreed to consider an extension beyond March 2018.
The Saudi ministry sent three separate press statements on Sunday and Monday reporting that Faleh and the three ministers agreed on keeping the expansion an option given the market's need and circumstances.
Mark Zandi, the chief economist at Moody's Analytics, said the US economy could suffer lost revenue from the storms and the estimate for third-quarter gross domestic product could drop a half point to 2.5 percent as a result.
Head Coach Mike McCarthy said the 78,381 in attendance and the guys on the defensive side of the ball, helped get it done. Green Bay tacked on Mason Crosby's 40-yard field goal before Wilson quickly drove the Seahawks into scoring position.
Delegations of state units of the BJP, Congress, People's Conference and the CPI (M) also called on the home minister. Singh will also visit Naushera in Rajouri district and Jammu district during the four-day visit, they added.
Donald did pass his physical, which PFT reported, but Donald is still at least one week, if not more from being in game shape. Due to his absence, Donald will not suit up in their Week 1 showdown against the Indianapolis Colts .
The center's official forecast finds Jose just over 400 miles from Jacksonville, Florida on Sunday morning. As of Tuesday morning, Jose was a low-end Category 1, and could weaken further into a tropical storm.
Hurricane Irma shut down Disney World Sunday and Monday, but the resort is on track to reopen its gates Tuesday. A county-wide curfew kept Disney and Universal guests restricted to their hotels on Sunday and Monday evenings.
The epicenter of the quake hit on Thursday night in the southern state of Chiapas, one of Mexico's poorest regions. Hardest hit was Juchitan, a Oaxaca state city where 36 people died when the magnitude 8.1 quake toppled buildings.
Dear Lifehacker, I'm keen to get my mits on the Nintendo Mini SNES video game console, which comes out at the end of the month. Especially since Nintendo's rollout for these retro systems have been quite suspect *coughs* Super NES Classic .
Lascelles powered home a header from Matt Ritchie's corner as the Magpies climbed into the top half of the Premier League table. Swansea are 15th after picking up four points from four games. "It is collective responsibility and I am at the head of that".
This Week in Stats: Stoke's crosses hurt Manchester United
Paul Pogba admits that he "came to Manchester United to play in the Champions League " and can not wait to hear the anthem again. England boasts five teams in the group stage of the UEFA Champions League competition , which commences in just a couple hours.
Market Focus on Shares of Cedar Realty Trust Inc (CDR)
Cambridge Investment Research Advisors Inc increased Ishares (IJJ) stake by 26,012 shares to 70,987 valued at $10.31M in 2016Q4. Many consider the equity oversold if the reading is below -80 and overbought if the indicator is between 0 and -20.
Saga PLC (SAGA) Rating Reiterated by JP Morgan Chase & Co
Restore PLC (LON:RST) was upgraded by equities research analysts at N+1 Singer to a "buy" rating in a report issued on Monday. The stock of Spire Healthcare Group PLC (LON:SPI) earned "Equal Weight" rating by Morgan Stanley on Thursday, August 25.
Defense steps up for No. 3 Clemson vs. No. 13 Auburn
Bryant returned to the game for Clemson football and led the offense to their first points with 48 seconds left in the first half. Now a resident of Orangeburg County, he reports on Clemson sports as a correspondent for The Times and Democrat.
Madison Keys v Sloane Stephens - player profiles
Ranked as high as 957th in the world as of August 1, Stephens will rise to 17th in the WTA Women's Singles Rankings on Monday. She made it to the fInal by beating Kaia Kanepi in the quarterfinals and then CoCo Vandeweghe in the semifinal.