Economy

Crude Oil Firms Above $50

Crude Oil Firms Above $50

In New York Mercantile Exchange electronic trading, October West Texas Intermediate crude CLV7, +1.21% the US benchmark, rose 54 cents, or 1.1%, to push just back above $50 a barrel, trading this week at their highest since the end of July, according to FactSet data. That's less than half the projected 3.9 million-barrel increase the government is forecast to report Wednesday.

Futures climbed as much as 1.3 percent in NY after declining 0.9 percent Tuesday.

OPEC, Russia and other top non-members agreed in May to extend their output deal to remove 1.8 million barrel of oil from the market daily. Some U.S. refiners are delaying maintenance to take advantage of strong margins.

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With OPEC signaling its determination to curb supplies, oil prices have risen sharply over the past week.

West Texas Intermediate for October delivery, which expires Wednesday, rose as much as 62 cents to $50.10 a barrel on the New York Mercantile Exchange, after sliding 43 cents on Tuesday.

The U.S. benchmark West Texas Intermediate for October delivery, which expires September 20, rose $1.05 to $50.53 a barrel at 1:08 p.m. on the New York Mercantile Exchange after earlier rising to as high as $50.65.

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"Some producers think the pact should be extended for three or four months, others want it to run until the end of 2018, while some, including Ecuador and Iraq, think there should be another round of supply cuts", Luaibi said. Total volume traded was about 2% below the 100-day average.

This was despite Iraq's oil minister saying earlier today that his country's oil production was now at 4.32 million barrels per day (bpd), down from nearly 4.5 million bpd in May and June, Reuters noted, and other data showing that Saudi Arabia's crude exports fell to 6.693 million bpd in July, down from 6.889 million bpd in June.

November Brent crude LCOX7, +1.07% the global benchmark, rose 49 cents, or 0.9%, to$55.63 a barrel on the ICE Futures Europe exchange. Crude production increased for a second straight week, yet distillate supplies slid by 5.69 million barrels and gasoline stockpiles fell to 216.2 million barrels. The global benchmark crude traded at a premium of $US5.60 to November WTI.

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