Oil up on OPEC output decline; United States refinery restarts

Strategic Petroleum Reserve Tapped for the First Time in Five Years

Futures rose as much as 0.8 percent, trading in a 71 cent-range in NY.

Gold is retreating as the safe-haven demand fades.

Vanguard survey of crude oil markets showed that the price of Brent which is usually used to benchmark the prices of other crudes stood at $54.30 per barrel yesterday. It estimates that the worldwide crude oil rig count fell by eight to 715 in August 2017-compared to the previous month.

It comes on the heels of Hurricane Harvey, which struck the US oil hub of Texas two weeks ago, knocking out a quarter of the nation's refineries, many of which are now restarting operations.

Oil prices rose on Monday as key USA refineries began restarts following Hurricane Harvey, which may help revive crude oil processing, while fuel prices fell as Hurricane Irma is likely to clip demand for gasoline and diesel.




Production by the 14 members of the Organization of the Petroleum Exporting Countries came to 32.755 millions of barrels per day (bpd) last month after 32.834 in July, it said in a report, citing secondary sources.

Saudi Arabia energy ministry said Energy Minister Khalid al-Falih spoke to counterparts in Venezuela and Kazakhstan at the weekend about extending the oil output cut pact past the end of March 2018 to the end of June. "If you look at flat price, it has gone nowhere over the last month and a half to two months".

"The global economy continues to hum along, though political headwinds and weather conditions have complicated matters in recent weeks", a report published Tuesday by the National Bank of Kuwait read.

The Port of Everglades in Florida was scheduled to reopen to ships Tuesday morning following Hurricane Irma.

Six analysts polled ahead of inventory reports from industry group the American Petroleum Institute (API) and the U.S. Department of Energy's Energy Information Administration (EIA) estimated, on average, that crude stocks likely rose 2.3 million barrels in the week ended September 8. Buckeye Partners LP plans to resume limited service Wednesday at its Florida terminals and refined products pipeline system, according to a statement.

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