OPEC 'rebalancing' underway oil output dips

Oil edges up as Saudi discusses oil supply cut extension

WTI oil prices dipped sharply during the NY session on Monday with a slide to near $47.0 p/b before a quick rebound to just above $48.00 in choppy trading.

West Texas Intermediate for October delivery added 20 cents to $48.27 a barrel at 1:06 p.m. on the New York Mercantile Exchange.

Gold is retreating as the safe-haven demand fades.

At around $54 per barrel, the price for Brent crude oil, the global benchmark, is up almost $7 per barrel from June 30, but still below its peak of just over $56 per barrel for the year. "There is also a lot of talk about whether OPEC is going to extend its deal or not and the market is weighing a lot of outcomes".

It comes on the heels of Hurricane Harvey, which struck the USA oil hub of Texas two weeks ago, knocking out a quarter of the nation's refineries, many of which are now restarting operations.

"The drop in USA oil refining is also to be offset by higher processing at other nations, so worries over a substantial cut in crude oil demand are fading".

Prices were little changed in Asian trading on Tuesday before edging lower in European trading with WTI trading around $47.80 p/b.




Production by the 14 members of the Organization of the Petroleum Exporting Countries came to 32.755 millions of barrels per day (bpd) last month after 32.834 in July, it said in a report, citing secondary sources.

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

Hurricanes have shaken energy markets, with Irma shutting fuel stations and ports across Florida and Harvey strangling refineries in the nation's energy hub. "That's why you have to look out further".

The deal agreed late previous year to reduce output by about 1.8 million bpd until March 2018 helped to keep prices as high as $58 a barrel in January, but they have since sagged as global stocks have not fallen as quickly as expected. The American Petroleum Institute releases its own weekly inventory report late Tuesday.

Iran claims it will pump as much as 4.5 million bpd within five year.

Royal Dutch Shell Plc's Deer Park, Texas, refinery was said to have some units heating up in preparation for restarting this week, according to a person familiar with operations.

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