Economy

Oil Prices up on Refineries Rebound

Oil Prices up on Refineries Rebound”

That complicates efforts by the Organization of the Petroleum Exporting Countries and other major producers to push oil higher through output curbs, as every rise in price encourages more USA production.

-After trading slightly higher early morning, November Nymex light, sweet crude on the New York Mercantile Exchange was recently down 5 cents at $51.51 a barrel in the Globex trading session.

Overnight, crude oil prices settled lower on Thursday as traders unwound some of their bullish bets on crude but sentiment on oil remained positive following inventory data on Wednesday showing a surprise draw in crude oil supplies.

Oil prices fell on Thursday, with US crude giving up some of the previous session´s gains that were driven by a surprise fall in inventories, while Brent moved further away from recent 26-month highs. According to recent reports and news, the crude inventories managed to shed a total of 1.8 million barrels in the week to September 22.

Brent's premium over USA crude widened to a more than two-year high this week, in part due to reduced demand stemming from Harvey.

Iraqi Kurdistan voted in favor of independence while Turkey's government warned of possible use of force to prevent an independent Kurdish state.

On the brighter side, US crude exports were also up by a great amount of 563,000 barrels per day tallying a new record of 1.49 million barrels per day in the week.

Yawger noted that a sharp drawdown in U.S. distillate inventories - diesel and heating oil - ahead of the busy winter season should spur demand for crude in coming weeks, keeping any selloff modest.



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