Nov. WTI added 79 cents, or 1.6%, to settle at $50.69/bbl.
United States 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 and crude production increased for a second straight week. As a result, there was less demand for oil from refineries and more demand for gasoline sitting in storage while less gasoline was being produced That's partly why gasoline prices spiked by almost 20 percent.
Despite the slight setback, the market continued to remain supported ahead of Friday's meeting between OPEC and non-OPEC producers.
"OPEC will have no choice but to consider extending the production cuts beyond March 2018", according to analysts at Commerzbank.
Crude inventories rose for a third straight week, by 4.6 million barrels in the week ending September 15, the Energy Information Administration said today. 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 U.S. Energy Information Administration's weekly inventories report is expected to show a 2.4 million barrel increase. The data suggesting refiners will need to step up crude processing followed robust demand growth forecasts last week from the International Energy Agency and OPEC.
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.
The Organization of Petroleum Exporting Countries and other producers are mulling a range of options, including an extension of cuts, but it is premature to decide on what to do beyond March, when the agreement expires, Iraqi Oil Minister Jabar al-Luaibi told an energy conference on Tuesday. Analysts at Panmure Gordon shared that the prices are now increasing since the last weeks as forecasts stated of increased demands from both the IEA and OPEC along with anticipated high demands from the U.S.as the oil refineries will resume their operations after Hurricane Harvey.
Global crude oil prices slipped slightly Monday but stayed close to multimonth highs as traders braced for a potential stockpile build, expected later this week.
On behalf of the government, Suu Kyi said the Myanmar authorities are set to restore security and order in Rakhine state. The army, which has been accused of ethnic cleansing by the United Nations, said it was flushing out insurgents.
While Homeland Security may not be the traditional committee of jurisdiction over health care issues, it is chaired by GOP Sen. The vehicle for doing this is a bill introduced by Republican Senators Bill Cassidy and Lindsay Graham. "They're going nuts.
If Ryanair has informed you of the cancellation with more than two weeks' notice, you will not be entitled to compensation. Among those cancelled with be one in four flights out of Stansted and one in 13 flights out of Dublin.
Prior to that win, the actress had maintained a three-way tie with Candice Bergen and Mary Tyler Moore for most lead actress wins. The latter award was groundbreaking as he was the first black director to ever win in the category .
The Google Home Mini is exactly what its name implies - a smart speaker that's smaller than the Google Home that is turning one. Because of how small it is, it's unlikely that any part of it will be swappable (like the Google Home's interchangeable bases).
Who will win an Emmy this year? Twin Peaks has suffered the same situation and it will only be eligible for the 2018 awards. The everlasting Veep and Modern Family have nominated for the Best Comedy Series this time also.
Ms Rudd said the police were trying to find out how the teenager, the first to be arrested, was "radicalised". President Donald Trump for tweeting about the police inquiry into the bombing of a subway train in London .
Torrential rainfall , an anticipated six to 12 inches worth, could cause deadly flooding and mudslides through the islands. Air Force Reserve personnel, were investigating the storm Monday morning to gather more information about it.
Google Launches Tez, A Mobile Payments App In India
To roll-out smoother services, Google has also partnered with top banks like Axis, HDFC Bank , ICICI and State Bank of India . Upcoming smartphones from Lava, Micromax, Panasonic, and Nokia will feature the Tez mobile payments app out of the box.
Bengals WR John Ross likely to make debut vs. Texans
Losing 10-9 heading into the fourth quarter, the Bengals fell to 16-82-1 when trailing after three quarters under Lewis. Watson played behind a line which was much better than it was against the Jaguars when the group allowed 10 sacks.
Longhorns fall short in double overtime thriller
As McGrath's kick snuck through the right upright, he turned around and ran back toward the west end zone of the Coliseum. Both teams have a history with each other as they were a part of arguably the greatest college football game ever played.
Florida beats Tennessee on miraculous Hail Mary on final play
That pass was unreal though, so props to him. "It's a team that hurts", Jones said following the loss to the Vols' SEC rival. The Crimson Tide (3-0) dominated early and emphatically answered a comeback attempt before outlasting the Rams (2-2).
Liverpool fan tears into Jurgen Klopp
Good day at work! None of the other shots made it past the solid Nick Pope , which makes Salah's strike all the more important. His team dominated the game and certainly looked fresh, so his selection was not the reason two points were dropped.