Published: Thu, September 21, 2017
Markets | By Lucia Cruz

U.S. crude stockpiles seen rising last week, products likely down

U.S. crude stockpiles seen rising last week, products likely down

Early Wednesday, traders are showing nearly no reaction to comments from Iraq's oil minister who said OPEC and other crude producers were considering extending or even deepening a supply cut to curb a global glut.

The West Texas Intermediate for October delivery increased 0.93 USA dollar to settle at 50.41 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery added 1.15 dollars to close at 56.29 dollars a barrel on the London ICE Futures Exchange. Central time, up about 89 cents, or 1.8 percent.

Crude oil prices continued to climb on Wednesday, amid hopes for additional global supply cuts, while traders eyed the release of weekly USA stockpiles data due later in the day.

"OPEC will have no choice but to consider extending the production cuts beyond March 2018", according to analysts at Commerzbank. The global benchmark crude traded at a premium of $US5.60 to November WTI.

Commercial crude inventories rose to 472.8 million barrels, up from 457.8 million barrels the week before Hurricane Harvey slammed into the Gulf Coast and knocked out more than a dozen major refineries, the Energy Department reported Wednesday.

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US crude stockpiles rose to 472.8 million barrels last week, while inventories at the crucial trading hub in Cushing, Oklahoma, climbed to the highest since June.

Prices were supported after the American Petroleum Institute said on Tuesday that USA crude stocks rose last week, while gasoline and distillate stocks decreased.

Despite major Middle Eastern oil producers insisting that they are reducing supplies in a bid to support oil prices, an excess supply is still expected to put a dampener on the market.

Brent for November settlement advanced $US1.15 to end the session at $US56.29 a barrel on the London-based ICE Futures Europe exchange, the highest level since March.

The October front-month futures CLc1 contract expires on Wednesday. Diesel for October delivery rose 1.9 per cent to settle at $US1.807, the highest closing level since July 2015.

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