US 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.
Irma's impact on the US oil industry was also marginal, compared to the Category 5-Hurricane Harvey, which struck Texas two weeks ago, disrupting a quarter of the nation's refiners.
Earlier on Wednesday the International Energy Agency said global oil supplies fell for the first time in four months in August, while also revising its 2017 oil demand estimate up to 1.6 million barrels a day from its July estimate of 1.5 million. Production among the Organization of the Petroleum Exporting Countries fell from its 2017 peak in July as the bloc took efforts to comply with its previous agreement.
No way, Jose: Hurricane slightly weakens in Atlantic
Meteorologist Eleanor Bell, of The Weather Channel, said: "Models are continuing to struggle to resolve the track of this storm". It will likely dissipate from Tuesday evening, the National Hurricane Center said.
Data from the U.S. Energy Information Administration Wednesday showed that domestic crude supplies climbed by 5.9 million barrels for the week ended September 8.
At 10:45am CST, WTI was up 1.51 percent at * a href="http://oilprice.com/commodity-price-charts?1&page=chart&sym=CL*1" *US$48.96, while Brent was trading up 1.07 percent at US$54.85.
Opec is in the midst of a deal with non-Opec producers including Russian Federation to cut production by 1.8m barrels per day until March 2018.
Is an Occasional Drink OK During Pregnancy?
Moms-to-be know that heavy drinking during pregnancy can cause physical, mental, behavioral, and learning disabilities in babies. The evidence on how much, if any, is safe to drink, or at what stages of pregnancy, is notable by its absence, they add.
The United States Energy Information Administration will deliver its official weekly oil supply report, while energy analysts anticipate crude oil inventories gained by approximately 3.2 million barrels at the end of last week. That's down from an August estimate of 9.91 million barrels.
Keeping aside the impact of the twin hurricanes, the oil market remains extremely choppy in the recent weeks and the IEA and OPEC monthly reports may provide definitive price triggers.
The reduction could possibly contribute to larger-than-typical inventory draws for September, the EIA said.
Family Dies in Volcanic Crater in Italy
The incident happened Tuesday at the Solfatara Crater in Pozzuoli, a popular tourist attraction near Naples. When the boy's 42-year-old mother tried to save her husband, she was also sucked in.