Crude Oil Price Ticks Up Following EIA Inventory Report

US Hurricanes Affecting Oil Prices, Saudi Could Cut Output

The agency, which coordinates energy policies of industrial nations, raised its 2017 global oil demand growth estimate to 1.6 million barrels per day (bpd) from 1.5 million bpd. This year's hurricane season still has the potential to be "particularly destructive", with consequences for the oil market, it said.

According to the report, the value of Iranian heavy crude was further lifted buoyed again by an uplift in OSP offsets and supported by healthy global sour markets.

On Tuesday, WTI oil futures stood at $48.22 and Brent Crude at $54.23. Cushing, Oklahoma supplies rose by the most since March, while oil production climbed by the most since 2012.

OPEC and non-OPEC producers, including Russian Federation, have agreed to cut output by 1.8 million barrels per day until next March in a bid to decrease global oil inventories and to support oil prices.

Looking at supply side fundamentals, OPEC output fell by 170,000 bpd in August to 32.68 mbpd on the back of improved compliance from members and fluctuating output from Libya.

Demand grew by 2.3 million barrels per day (mb/d), or 2.4 per cent, in the second quarter of 2017, prompting the Paris-based organisation to increase its growth estimate for the year to 1.6 mb/d, or 1.7 per cent.

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New reports released this week from the Organization of Petroleum Exporting Countries and the U.S. Energy Information Administration provide oil pricing and supply forecasts through 2018 but offer little information regarding the impact of two major hurricanes that hit the U.S. recently along the Gulf Coast. 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.

The IEA's report follows OPEC's monthly report out Tuesday.

Mexico produced 170,000 barrels per day, while it had to produce 100,000 barrels.

Gasoline stocks fell by 8.4 million barrels, compared with analysts' expectations in a Reuters poll for a 2.1 million-barrel drop.

Yet, the American Petroleum Institute indicated a slump of 7.9 million barrels in gasoline stocks, as distillate stocks slipped 1.8 million barrels while key refineries in Corpus Christi and Houston were offline.

Saudi Arabia has energy-reliant economy continues to struggle since oil prices tanked in 2014.