Crude Oil Market Higher on Hurricane Impact

Opec and other producers including Russia pledged to reduce oil output by about 1.8 million barrels a day through March

OPEC continues to grapple with oversupply owing to a ramp up of production in Nigeria and Libya - the two OPEC members exempt from the oil cut deal agreed by OPEC and non-OPEC producers in late 2016.

The Organization of the Petroleum Exporting Countries (OPEC) raised the forecast for the volume of world oil demand in 2017 by 280,000 barrels per day - up to 96.77 million barrels, according to the OPEC updated report.

Oil prices rose on Monday as key USA refineries began restarts following Hurricane Harvey, which may help revive crude oil processing, while fuel prices fell as Hurricane Irma is likely to clip demand for gasoline and diesel.

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 had traded down to $47.73.

"Irma will have a negative impact on oil demand but not on oil production or processing".

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Opec has faced criticism in recent months as investors question the oil cartel's commitment to curb production after Opec's compliance rate with output cuts fell to its lowest this year in July.

Aside from total US crude stockpiles, oil centered in the Cushing, Oklahoma hub, which stores supply meant for delivery against WTI contracts, has abeen rising. "There is also a lot of talk about whether OPEC is going to extend its deal or not and the market is weighing a lot of outcomes". "As showed by the Reuters poll, the range of expectations is quite wide.a lot of volatility past the release is possible", said Harry Tchilinguirian, global head of commodity markets strategy with BNP Paribas.

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. The poll also forecast that refined product stockpiles probably declined.

Irma, the second major storm in the USA region in a fortnight, made landfall in Florida on Sunday as a Category 4 hurricane, knocking out power to almost 5.8 million homes and businesses in the state. That is "because Texas has twice the oil consumption per capita of Florida given the significant concentration of refining and petrochemical capacity on the U.S. Gulf Coast", they said.