Oil prices soar as Iraq indicates possible OPEC deal extension

Energy Takes a Backseat as Crude Oil Stabilizes Under $50

Oil markets firm on rising refinery demand, falling US rig count

While oil has rebounded the past two weeks, crude in the USA has struggled to hold above $50 a barrel as prices beyond that level make some shale profitable and boost supply.

"If I look at this week's EIA data, post hurricane. the refined products drawdown implies that refineries are not yet back to normal", he said. Refinery utilization was expected to have jumped 7.4 percentage points from 77.7 percent of total capacity in the week ended September 8, according to the poll. Central time, up about 89 cents, or 1.8 percent.

The Energy Information Administration (EIA) said in its weekly report on Wednesday that US gasoline storage fell by 2.1 million barrels last week to the lowest level since November 2015.

An OPEC committee concluded the cartel and allied oil producers last month overshot production curbs called for in their agreement, according to two delegates.

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XAutoplay: On | OffIraqi Oil Minister Jabbar al-Luaibi said Iraq and Ecuador think there should be another 1% cut in production and hinted that others want the cut extended.

West Texas Intermediate for October delivery, which expires Wednesday, rose as much as 62 cents to $50.10 a barrel on the New York Mercantile Exchange, after sliding 43 cents on Tuesday.

November WTI Crude Oil settled at settled at $50.28, down $0.07 or -0.14% and December Brent Crude oil closed at $55.15, down $0.10 or -0.18%.

The key level for November WTI traders remains $50.30.

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"There's a little bit of something in the report for everyone this week".

USA 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.

Crude inventories rose for a third straight week, building by 4.6 million barrels, about a million more barrels than forecast.

The October front-month futures CLc1 contract expires on Wednesday.

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Despite major Middle Eastern oil producers insisting that they are reducing supplies in a bid to support oil prices, an excess supply is still expected to put a dampener on the market.

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