Higher imports, domestic output boost United States oil stockpiles, DoE says

Energy Takes a Backseat as Crude Oil Stabilizes Under $50

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.

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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.

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