New York — Oil prices rose almost 1% on Tuesday after theOrganization of the Petroleum Exporting Countries (Opec) said its output fell in August and forecast higher demand in 2018, indicating its production-cutting deal with non-member countries is helping to tackle a supply glut. In its monthly report Opec also said the two hurricanes that have hit the US in recent weeks would have a "negligible" impact on demand. The market is assessing Hurricane Irma’s effect on demand, even as refinery restarts in the wake of Hurricane Harvey boosted crude oil consumption expectations. Weekly US inventories data will be able to shed some light on the hurricanes’ impact. Analysts forecast that crude inventories last week rose while products drew down, ahead of The American Petroleum Institute (API) data on Tuesday and the US Department of Energy’s Energy Information Administration (EIA) reporton Wednesday. The numbers, however, might not be indicative of the longer term supply demand picture, sai...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.