"This is due to the shooting up of demand for prompt-loading barrels and amid increasing sentiment that the oil market will rebalance over the next year with a major drawdown in crude and product stocks", OPEC said in the report. The 14-member cartel pumped in 32.76 million barrels per day last month, representing a 79,100-barrel-per-day drop from July.
OPEC recently increased its projected demand for Europe and China while IEA increased projections for oil consumption globally, according to Jon Rigby, an analyst at UBS.
October West Texas Intermediate crude for October delivery jumped $US1.07, or 2.2%, to settle at $US49.30 a barrel in NY - the highest finish since August 9.
It also forecast oil demand in the Middle East to rise over 2016 levels, as economic momentum gains pace. Crude stockpiles rose by 5.9 million barrels during the same week, a result of lagging demand from recovering refineries in the wake of Harvey.
On Nymex, October gasoline fell about a penny to $1.647 a gallon, while October heating oil added 2.8 cents, or 1.6%, to $1.769 a gallon.
Global crude oil prices improved, as OPEC and non-OPEC countries continued to conform to voluntary output adjustments and U.S. stocks declined further, OPEC said.
A surge in crude oil prices, and energy names, led stocks to fresh all-time highs on Wednesday, Sept. 13, their second record-setting day in a row.
"We're all trying to make our way in this world of between $50 and $60 and I would expect that to continue". OPEC's own production is being watched closely as countries exempt from the cut - Libya and Nigeria - have boosted output more than expected this year.
The exporters of the group have been looking to drive down global crude stockpiles and drain away oversupply from the market. OPEC's crude oil exports fell by 920,000 bpd to 25.19 MMbpd in August 2017-compared to the previous month.
Wonder Woman 2 is set for a release in 2019, but we can catch Diana this year in the upcoming Justice League on November 17. After months of negotiations, Variety is reporting that Petty Jenkins will return to direct the Wonder Woman sequel .
Several Central American countries, including Guatemala, Honduras, Mexico , El Salvador and Costa Rica, are also at risk. The storm is about 135 miles south-southeast of Tampico, Mexico , and about 110 miles northwest of Veracruz , Mexico .
With INMS leading, Cassini will pierce Saturn's atmosphere , an area the spacecraft wasn't originally created to explore. Three of Saturn's moons - Tethys, above, Enceladus , second left, and Mimas, seen from the Cassini spacecraft .
But Alvarez feels the fight is happening at the right time and looks forward to giving the viewers their money's worth. Canelo and Billy Joe could use their feet and fight off the back-foot to make life hard for me.
The path to the Olimpiyskiy stadium in Kiev next May is just beginning and already the road is rising with some teams. Paulo Dybala has refused to rule out joining Lionel Messi at Barcelona but insists he is happy at Juventus .
Some jeered him in anticipation of aid supplies or hoping to catch flights for France to escape the devastation across the island. Reuters/Christophe Ena/Pool France's President Emmanuel Macron comforts residents during his visit to St Martin yesterday.
Palace dominated the second half but Pope produced a superb save with his feet to foil Christian Benteke in the 80th minute. Goals from Ganso, Wissam Ben Yedder and Nolito saw Sevilla claim a 3-0 win over Eibar at the Estadio Ramón Sánchez Pizjuan.
However, director Rian Johnson reveals the answer has been right in front of us the entire time - or at least since December 2015. Superman helmer Zack Snyder and enigmatic Twin Peaks director David Lynch, who turned down Return of the Jedi (1983).
Paris and Los Angeles were the only competitors left for 2024 after rival cities pulled their bids because of worries over cost. IOC President Thomas Bach, the driving force behind the double award, described the candidacies as a golden opportunity.
He was diagnosed with a sprained wrist and underwent further testing Monday. "I have all the confidence (in other backs)". Arians said the team's first-round draft pick, Haason Reddick, was outstanding in his start at inside linebacker.
While penalties worked against the Steelers plenty throughout the afternoon, one worked in their favor on the ensuing drive. He finished going 20-30 with 222 yards, recording a touchdown through the air along with one on the ground.
Indian forces kill top LeT militant in Held Kashmir
GOC of Victor Force Operation BS Raju said the operation was important because a vacuum is expected in the top leadership of LeT. Abu Ismail's killing is seen as a major success by the security forces in their anti-militancy operations.
Five dead at Florida care home after hurricane cuts power
After five nursing home residents died in Hollywood, Florida, a nearby street was swarmed with police, fire trucks and ambulances. The National Park Service said Irma's rains and storm surge left 3 feet (1 meter) of water inside Fort Sumter in SC .
The Latest Apple Watch Is Your iPhone Light
At the time of last year's announcement Apple had become the second-largest watch manufacturer (by revenue) in the world. It automatically syncs playlists like New Music Mix and Favorites Mix with the user's most listened music.
Smalling and Lindelof start for Man Utd against Basel
With all his first-team players fit and available, Wicky is expected to start with his first-choice starting eleven on Tuesday. Mourinho told a news conference: "I go match by match". "He is very bright and very clam and step by step he will be there".
Isaiah Thomas On Trade To Cavs: That S- Hurt
Altman does expect Thomas to return "at some point" this season before he becomes a free agent in 2018. Thomas feels " very confident " he will earn a max contract and says that he deserves it.
Fed Vice Chair Stepping Down in October
Goodfriend, 66, worked for more than 20 years at the Richmond Fed and is seen as a leading hawkish voice on monetary policy. He also said he was proud to have made the financial system stronger and more resilient after the financial crisis.
Huawei unveils new AI-equipped phone at IFA
The new processor will, therefore, be similar to Qualcomm's Snapdragon 835 and Samsung's Exynos 8895 chipsets. Bernstein, said that Huawei's new chip may be better than the chips for the new iPhone range.