U.S. oil 'rebounding quickly' after hurricanes as Opec cuts back

U.S. oil 'rebounding quickly' after hurricanes as Opec cuts back

U.S. oil 'rebounding quickly' after hurricanes as Opec cuts back

Crude oil prices fell in Asia on Tuesday with industry estimates of USA inventories expected to show a leap as stocks build from Gulf Coast refinery shutdowns in the wake of Hurricane Harvey.

"It's hard to know at this point, but Harvey and Irma have likely caused a combined $150 billion to $200 billion in damage to Texas and Florida", Zandi said in a statement Monday. The increasing numbers of operating rigs, as well as increasing production, have been raising concerns that the US shale oil producers which were able to cut their production cost dramatically over the past years are now a low-priced global competitor and would continue to undermine the OPEC agreement to cut supplies.

"Harvey, as a result, had a significant negative impact on refineries and ethylene crackers utilization and their crude and [natural-gas liquids] feedstock demand", the analysts said.

This week's numbers might be incomplete indicators of the longer-term supply and demand outlook, said Mark Watkins, regional investment manager at U.S. Bank.

After the API report, USA gasoline futures rose RBc1, surpassing their session high.

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"We're waiting for our refineries to all get going", he said, "On the east coast we don't have enough gasoline so we have to import more product from Europe, which adds a boost to Brent".

Start your workday the right way with the news that matters most. Irma made a landfall in Florida on Sunday and is barreling through the state to the northwest.

Monday's gains came as Hurricane Irma struck the USA southeast with less force than once feared, easing worries that energy demand would be hit hard. U.S. West Texas Intermediate (WTI) crude CLc1 declined 30 cents at $47.77 a barrel. The producers are seeking to strengthen compliance with the cuts accord they reached previous year.

According to multiple reports, following meetings on the sidelines of an Organisation of Islamic Cooperation event held in Astana, Saudi Arabia, Venezuela, the United Arab Emirates and Kazhakstan said another extension of the co-ordinated November 2016 output cut deal should be considered an option.

Saudi Arabia-OPEC's most influential member-has been debating whether to extend the cartel's production accord after it expires in March 2018.

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