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Goldman Sachs Expects Hurricane Irma to Hurt Oil Demand

13 September 2017

OPEC and Russian Federation have also said they would cut oil production by 1.8 million barrels per day, as a supply glut continues and Iran prepares to boost its output.

The dollar has maintained a solid tone in currency markets and the firmer U.S. currency has had some impact in curbing support for oil prices.

U.S. West Texas Intermediate (WTI) CLc1 was up 16 cents or 0.3 percent to $48.23 a barrel.

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In its monthly oil report, the Organization of the Exporting Countries said its production fell for the first time since April in a sign that its efforts to rein in the global supply glut are starting to pay off. OPEC said Tuesday that its output edged lower by 0.24% to 32.76 million barrels a day in August. Global benchmark Brent crude LCOc1 dropped by 35 cents to $53.49 per barrel from the previous close. Still, Hurricane Irma knocked out power to almost 4 million homes and businesses in Florida on Sunday as it drifted up the west coast of the state toward southern Georgia on Monday as a tropical storm. The original six-month agreement has already been extended once, by nine months. OPEC exempted the two nations from cutting production because their output had already tanked due to domestic conflicts. Mark Zandi, the chief economist at Moody's Analytics, said the US economy could suffer lost revenue from the storms and the estimate for third-quarter gross domestic product could drop a half point to 2.5 percent as a result. US refineries hobbled by Hurricane Harvey more than two weeks ago continued to make progress on resuming normal operations, boosting demand for oil.

Crude inventories rose by 6.2 million barrels in the week to September 8 to 468.8 million, compared with analysts' expectations for an increase of 3.2 million barrels.

The API is due to release its data for last week at 4:30 p.m. EDT (2030 GMT) on Tuesday and the EIA report is scheduled at 10:30 a.m. EDT on Wednesday.

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Mr Al Falih concurred in separate talks with the ministers in the Kazakh capital Astana that steps taken by Opec and other major crude producers such as Kazakhstan have contributed to better market stability, according to statements from the Saudi energy ministry.

The OPEC of which Saudi Arabia is the leader, and other producers including Russian Federation, have agreed to trim their output by almost 1.8 million bpd until next March.

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Goldman Sachs Expects Hurricane Irma to Hurt Oil Demand