Iran sells crude oil at $50.93 per barrel in a week

Iran sells crude oil at $50.93 per barrel in a week

OPEC oil production declined in August to 32.76 million barrels per day, giving oil prices a boost. Together, the storms will affect about 600,000 barrels a day in demand, according to the bank.

OPEC said inventories were falling and that an increase in the price of Brent crude for immediate delivery to a premium to that for later supplies raised hopes that a rebalancing is under way.

Saudi Arabia has energy-reliant economy continues to struggle since oil prices tanked in 2014.

USA crude settled up more than 1% on Monday, paring some of its huge discount to global oil benchmark Brent, as Hurricane Irma's initial damage on the domestic oil industry look more contained than thought. OPEC exempted the two nations from cutting production because their output had already tanked due to domestic conflicts. As of now, it is expected that Kashagan field output will significantly rise during the later part of the current year.

Hurricane Harvey disrupted refinery production in Texas last month-one reason USA crude futures have been lower than the global benchmark.

Nigeria more than made up for that though with output shooting up by 138,000 bpd to reach 1.86m bpd.

A source from the sixth Asian refiner said that its October supply of Arab Extra Light crude was cut by 10 percent, likely because of fix work in September at Saudi Arabia's Abqaiq oilfield, which produces the grade.

The price drop mirrors the trend in global prices that have been shaky in recent weeks. The kingdom cut production deeply early in the year, which compensated for other Opec members that were not hitting their quotas. Production also continued to fall in Venezuela, which is in the grip of a full-blown economic crisis. Goldman Sachs Group forecasts the two storms will initially hurt crude demand by 600,000 bpd, though the recovery will likely raise consumption and offset that loss. OPEC's next meeting is on November 30, 2017.

The market "will be paying greater attention than usual" to the inventory numbers, which will give "the clearest picture to date of the fundamental impact to the oil market from Hurricane Harvey", said Robbie Fraser, commodity analyst at Schneider Electric, in a note.

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