The agency, which coordinates energy policies of industrial nations, raised its 2017 global oil demand growth estimate to 1.6 million barrels per day (bpd) from 1.5 million bpd. The U.S. Energy Information Administration lowered its forecast for total U.S. crude oil production, however. Gasoline and distillates stockpiles both fell.
Oversupply has kept a lid on oil prices which have hovered in a tight range of US$50-52 per barrel for Brent crude and US$47-49 per barrel for West Texas Intermediate crude. Stephen Brennock, analyst at brokerage PVM, said that OPEC was likely to fall short of its goal of reducing oil stocks to their five year average by the end of the first quarter of 2018, when the deal on production controls is set to expire.
Even so, USA crude stockpiles are likely to build in the next few weeks as refiners try to catch up with the backlog of oil stranded during the storms of the past two weeks, analysts said.
Gasoline stocks fell by 8.4 million barrels, compared with analysts' expectations in a Reuters poll for a 2.1 million-barrel drop.
Oil rose as the International Energy Agency (IEA) forecast the strongest demand growth in two years, while the Organisation of Petroleum Exporting Countries (Opec) was said to discuss prolonging output cuts further into 2018.
The reduction could possibly contribute to larger-than-typical inventory draws for September, the EIA said. Prices traded at $48.74 before the supply data.
"Depending on the pace of recovery for the US refining industry post-Harvey, very soon OECD product stocks could fall to, or even below, the five-year level", it said referring to Hurricane Harvey which hit the United States two weeks ago.
Crude oil prices were higher early Wednesday after the IEA said the level of oil and petroleum products on the market could dip below the five-year average.
Irma has knocked out power to 4.5 million customers, paralyzed tanker traffic and shut about 6,000 gasoline stations.
Espanyol almost pulled a goal back just before the break when Pablo Piatti rattled the upright from the edge of the box. A frantic finish saw Bale head inches wide from Isco's cross at the back post four minutes from time.
Their seven year old son was also with them but stayed behind the barrier while his parents rushed to help his brother. The Campi Flegrei is an area with more than 30 volcanic craters , whose possible eruptions worry scientists.
Equifax has developed a comprehensive portfolio of services to support consumers determine if their data has been affected. Equifax's ham-handed response is reviving calls to weed out mandatory arbitration from the finance industry.
Volkswagen has revealed the next stage of its electric vehicle plans with the unveiling of an updated version of the I.D. An 80% charge is reportedly possible using a 150 kW charger - of which precious few exist at the moment.
The evidence on how much, if any, is safe to drink, or at what stages of pregnancy, is notable by its absence, they add. But the evidence on how much, if any, is safe to drink, or at what stages of pregnancy, is notable by its absence.
The mid-range option drops the RAM to 8GB, while the entry-level Mi Notebook Pro also drops the processor down to a Core i5 8250U. The notebook's so-called "cooling design " is also pleasing to look at, with the device being extremely symmetrical and elegant.
Using lateral movement, GGG stalks his opponents to the ropes or corners, where many of his knockouts take place. EST. "I rate Canelo as pound for pound the best fighter in the world now that Mayweather has retired again".
I hope Sunday is the last game of the season that he is not here". "We can't be happy with the results, especially the last one, but we're not going to change the way we work, just as we didn't a year ago ".
The A-lister Angelina Jolie arrived Toronto International Film festival with all her kids who are supporting their mother always. After Jolie's remarkable achievement in the world of acting, her ingress into the world of filmmaking already looks promising.
Tottenham Hotspur v Borussia Dortmund
Tottenham last season lost their first home Champions League fixture against Monaco, eventually failing to qualify... Dortmund midfielder Nuri Sahin insisted his team were over it. "Last year we got off to a bad start".