Oil Fluctuates Ahead of OPEC Report

Oil edges up as Saudi discusses oil supply cut extension

The news comes on the heels of a statement from Riyadh that Oil Minister Khalid al-Falih had discussed the possibility of another extension of the 1.8-million bpd production agreement between OPEC and 11 other producers beyond the March 2018 deadline.

Opec and other producers including Russia, Mexico and Kazakhstan pledged to reduce output by about 1.8 million barrels a day to eliminate a global surplus that was weighing on prices.

"I think that we are going to have an average oil price of as much as $40 to $43 next year and we are preparing for that", Sechin said. U.S. West Texas Intermediate (WTI) crude CLc1 declined 30 cents at $47.77 a barrel.

Crude oil prices were mixed in Asia on Monday as investors focused on prospects of another extension for an OPEC-led oil cut into the middle of next year and as Hurricane Irma struck Florida with less force than feared.

Hurricane Harvey disrupted refinery production in Texas last month and more recently Hurricane Irma left more than seven million homes without electricity in Florida. Brent, the global benchmark, rose 45 cents, or 0.84%, to $54.29 a barrel.

At the same time, prices have stubbornly stayed around US$50 a barrel after the initial spike, in large part thanks to growing output from the two exempted OPEC members, Nigeria and Libya.

Do Manchester United still need Zlatan Ibrahimovic?
Lukaku also insists he can handle the pressure of being United's number nine under Jose Mourinho . As long as it can make you better and makes you win you relish the challenge at the time ".

Hurricane Harvey disrupted refinery production in Texas last month-one reason US crude futures have been lower than the global benchmark. The deal, reached in late 2016, initially called for a six month period, which later was extended with another nine months until the end of March 2018.

The firm said "given the only modest impact Harvey had on oil production, the combined demand loss generated by these two hurricanes will be a bearish shock for global oil balances in September".

Crude prices are down 8.6% in the past year.

USA crude stockpiles likely rose by 4.82 million barrels last week, according to a Bloomberg survey ahead of Energy Information Administration data released Wednesday.

Moreover, OPEC may also place "stricter requirements" on Iran's oil production, said Commerzbank analysts in a recent report.

On September 8, energy services company Baker Hughes (BHI) released its weekly U.S. crude oil rig count report.

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