We believe that Irma will have a negative impact on oil demand but not on oil production or processing.
Opec is in the midst of a deal with non-Opec producers including Russian Federation to cut production by 1.8m barrels per day until March 2018.
U.S. West Texas Intermediate (WTI) was up 16 cents or 0.3 percent to $48.23 a barrel.
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. By Monday morning, it had weakened to a tropical storm, heading towards Georgia.
The EIA said Brent and WTI future prices rose to $5/b at the end of August, "which reflects lower refinery demand in the US crude oil market".
The largest refinery in the U.S.in Port Arthur Texas is now running at reduced rates, sources told Reuters on Tuesday.
Two months ago after a ministerial committee meeting monitoring compliance with the deal, made up of officials from OPEC and those outside the cartel such as Russian Federation said that Nigeria has voluntarily agreed to join the OPEC imitative of production curb and will put a cap on country's production at 1.8 million barrels per day.
Oil inventories are expected to have increased because of the slowdown in demand caused by disruptions to refineries from August's Hurricane Harvey.
Oil prices rose on Wednesday after the International Energy Agency (IEA) said earlier today that oil demand growth continues to be solid and that global oil inventories are shrinking.
However, crude stockpiles in the USA have ballooned recently as Harvey crippled refinery production in the Texas and Louisiana region.
It comes as global oil supplies fell in August due to both multilateral measures aimed at stemming excess stock and unplanned outages.
The kingdom and Kazakhstan said such an extension "would be considered in due course as market fundamentals may dictate", according to a separate Saudi statement. Pipelines from Cushing run to key refineries in the U.S. Gulf Coast of Mexico and the hub is an important indicator of crude demand.
Among persistent glut worries, Saudi Arabian Energy Minister Khalid al-Falih had discussions with his Venezuelan and Kazakh counterparts about the chances of extending supply cuts through March 2018. In 2018, non-Opec oil supply is forecast to grow by 1.0 mpbd, following a downward revision to Russian Federation and Kazakhstan, totalling 0.1 mpbd. One option that OPEC and its allies are considering is a six-month extension to supply curbs from the end of March, according to a person familiar with the matter.
On Monday, Falih and his United Arab Emirates counterpart also agreed to consider an extension beyond March 2018. Oil last traded above $100 a barrel in 2014, the year in which prices began to slide due to excess supply.
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.
Those missiles, successfully tested twice in July, have the ability to reach the U.S. mainland, North Korea says. By comparison, China provides it with about 520,000 tonnes of crude a year, according to industry sources.
The International trade commission that is U.S. based is set to make a basic ruling in this case in the ending of this month. It said the principal contractors will be Boeing Co ., Northrop Grumman Corp., Raytheon Co. and General Electric Co.
Finally, JFS Wealth Advisors LLC boosted its position in Teva Pharmaceutical Industries Limited by 139.0% in the third quarter. The company reported $0.99 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by $0.07.
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.
Russian airstrikes on the western bank of the Euphrates river killed "16 civilians, including five children". Moscow intervened in Syria in September 2015 in support of its ally President Bashar al-Assad.
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.
His comments came in a joint news conference with the Kuwaiti emir, Sheikh Sabah al-Ahmad al-Sabah, in Washington on Thursday. Later Friday, the White House said Trump had spoken separately with the leaders of Saudi Arabia and the UAE.
Almost 7 million people in the Southeast were warned to evacuate, including 6.4 million in Florida alone, according to the AP. Federal Emergency Management Agency chief Brock Long warned that those who chose to stay in Key West "were on their own".
Philippe Coutinho was linked to Barcelona over the summer transfer window and even handed in a transfer request to the club. If people blame me for this, no problem, but it was a decision taken for the season.
Volkswagen planning electric versions for all cars by 2030
Among the 23 electric vehicle models that Volkswagen intends to produce by 2025, there will assuredly be utility models. That means that by 2030 the company plans to offer an electric or hybrid version of over 300 different auto models.
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.
Nintendo's NES Classic Edition Will Return in 2018
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 .
Google Appeals Record 2.4 Billion Euro Fine
If you're not familiar with Google Shopping, it's that graphical bar that shows up any time you search for a product. The Commission is reviewing its Google Shopping decision in light of the ECJ's Intel ruling, according to Reuters .
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.
KORUS valuable for United States soy growers
Fischer wrote: "During this challenging time, we must demonstrate solidarity with our allies as they face significant threats". Any trade action against China could also impact US companies that import $40 billion worth of goods from China every month.