Harvey and Irma's Impact on US Supplies Shown Through Charts

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Oil refineries in the USA are coming back online and increasing their demand for crude after several Hurricanes rampaged through the southern states and delayed refinery operations.

This is especially true as OPEC oil output declined in August for the first time since March.

Oil prices rose on Tuesday after OPEC forecast higher demand in 2018 and Russian Federation and Venezuela confirmed their commitment to a production - cutting deal to reduce the global crude glut.

West Texas Intermediate crude for October delivery CLV7, +0.87% jumped 50 cents, or 1%, to $48.73 a barrel, setting it on track for the highest settlement since last Thursday.

It was followed by the IEA saying the global oil glut was shrinking, thanks to strong European and USA demands as well as production declines in OPEC and non-OPEC countries.

In August, OPEC's total crude oil production eased by 79,000 b/d, to average nearly 32.8 million b/d.

Earlier Wednesday, the EIA reported that United States crude stocks rose by 5.9 million barrels for the week ended September 8 while domestic USA crude output jumped by 572,000 barrels a day to 9.353 million barrels as more wells came back on line after the storm.

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It was said that the gasoline stocks fell by 8.4 million barrels over the past week.

Crude oil prices have seen an increase of around six percent in August 2017 on a month-on-month basis due to depleting inventory levels. Diesel futures rose 0.9 cent, or 0.51%, to $1.7775 a gallon.

Brent prices rose "on signs of stronger demand and tightening OECD inventories as signaled by today's monthly IEA report", said Matt Smith, director of commodity research at ClipperData.

IEA expects that world demand for oil in 2017 will increase by 1.6 million barrels per day year-on-year, Russian news agency Tass reported, citing the agency's September report.

He also said an extension to the cartel's cuts was possible since volumes of oil stocks were still a challenge.

This week, Opec and its allies were said to be discussing extending supply cuts past the end of March, and compliance with the supply limits rose to 96 per cent in August, Opec data from so-called secondary sources showed.

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