The value of the US dollar is having more of an impact on oil markets than the OPEC effort to trim production, the head of Russian oil company Rosneft said. However, the latest oil market report from OPEC showed that production increased by 173,000 barrels per day in July, after rising by 396,000 barrels in June and by 366,000 barrels per day in May, thanks largely to two exempted countries, Libya and Nigeria.
USA crude for October delivery CLc1 was up 39 cents, or 0.8 percent, at $47.87 a barrel by 0409 GMT, having tumbled 3.3 percent on Friday.
A briefing from currency trader XE said Friday the dollar is under pressure from hurricane threats to the U.S. mainland and geopolitical tensions with North Korea, U.S. economic policy notwithstanding.
Among refined products, October gasoline lost 1.3 cents, or 0.8%, to $1.635 a gallon, while October heating oil settled at $1.743 a gallon, down 2.3 cents, or 1.3%.
Igor Sechin, the head of Russian oil producer Rosneft, said a decline in the value of the USA dollar was having a greater market impact than the effort by the Organization of Petroleum Exporting Countries to balance the market with coordinated production declines.
Oil rose as Irma weakened to a tropical storm after hitting Florida, while Gulf Coast refining continued to recover following storm Harvey.
Weekly December Brent Crude Oil
Even so, data released after market settlement by the Commodity Futures Trading Commission showed hedge funds and other money managers have raised their bullish bets on WTI by more than 20,500 contracts for the week ended Sept 5. after slashing those positions by 105,000 contracts in the previous week to August 29 after Hurricane Harvey.
Global benchmark Brent crude futures, the benchmark for oil prices outside the US, fell 0.30% to $53.62 a barrel.
The value of the US currency has moved lower for much of the year.
Late in the week, oil futures traded mixed, with Brent rising to a 5-1/2 month high while USA crude slipped on a bigger-than-expected crude stock build as the restart of US refiners after Hurricane Harvey was countered by the threat of Hurricane Irma. The global benchmark crude traded at a premium of $5.26 to November WTI.
Analysts said Brent was likely to retain its edge over WTI in the near-term based on indications Saudi Arabia will be cutting supplies again next month. The new agreement extends the production deal for nine months until March 2018. Russian Federation is a party to the effort and is cutting the most among non-OPEC members. With so many refineries shut down, there was nowhere to put crude but in storage. The deepest cuts will be to major oil companies, where supplies will be reduced by 225,000 bpd.
"Despite refiners' request for more crude, the decision was made to maintain cuts", the source said, adding that demand and refining margins in Asia were "healthy and robust". "What we have here is an unique hurricane situation that's giving Brent a pop, which otherwise isn't deserved".
Teva Pharmaceutical: Talk About a Good Hire!
Zacks' sales averages are a mean average based on a survey of analysts that cover Teva Pharmaceutical Industries Limited. Mizuho Securities Usa Inc acquired 60,200 shares as Teva Pharmaceutical Inds Ltd (TEVA)'s stock declined 15.11%.
Combined damages from Hurricanes Harvey and Irma could cost the US economy as much as $290 billion, according to a new forecast . That's compared to $2.35 on August 25, when then-Hurricane Harvey made landfall on the southeast coast of Texas.
This team is a lot better than we were back then, so I don't think anyone can say that Liverpool can't do it". Liverpool have the players to win the Champions League this season, Luis Garcia has claimed .
Among others, the Oklahoma National Guard sent an air medical evacuation squadron that helped with medical needs in Texas. Hagler said, adding that the National Guard is created to beef up that response as quickly as possible.
Sign up here to receive the latest round-up of Wheels news, reviews and video highlights straight to your inbox each week . The local arm of Mercedes-Benz has confirmed nine examples are allocated to Australia and New Zealand.
The sequel of the Disney movie will mark Jolie's first onscreen appearance since the 2015 film " By the Sea ". She also told the magazine, "I'm just wanting to make the proper breakfast and keep the house".
According to Jaguar, at the car's heart is Sayer - an intelligent steering wheel that will be able to carry out hundreds of tasks. According to a United Kingdom study, average Carbon dioxide emissions from Jaguar Land Rover vehicles were 164g per kilometer.
Since then, the movement has been alone ruling the coastal enclave, while reconciliation efforts with Abbas had always failed. This was the first time since being appointed to his position in May that Haniyeh has left the Hamas-controlled territory.
Bangladesh, meanwhile, is struggling to cope with the new influx, as it already hosts some 400,000 Rohingya from previous crises . The fighting has also pushed some 27,000 ethnic Rakhine Buddhists and Hindus to flee their homes in northern Rakhine.
Three terrorists were also killed in fire exchange with police right after the blast, a security source was quoted as saying. Hundred of security forces have been killed as well as hundreds of militants.
Tesla Opens Supercharger Centers in Chicago, Boston
Shopping malls, grocery stores, and downtown regions are the primary targets for additional charging capabilities. Tesla is surging higher after announcing the next generation of its Superchargers , aimed at dense cities.
'Soundbreaking' held at Flight 93 Memorial
After the names are read out at that ceremony, there will be a public observance with a wreath-laying and public addresses. Bells first tolled at 8:46am - the time the first aircraft was smashed into the north tower by al Qaeda extremists.
Wind advisories posted in Tennessee ahead of Irma's arrival
Saturday the Georgia Emergency Management Agency released a list of shelters that would be open throughout the Peach State. Lowndes County officials called for voluntary evacuations of their 112,000 residents, according to a news release Sunday.
Prince William opens up about Kate Middleton's pregnancy
The announcement came as Prince George is expected to start his first term in school in Battersea, south-west London, on Thursday. William then alluded to Kate's battle with hyperemesis gravidarum , a pregnancy condition that creates acute morning sickness.
California challenges Trump's end to young immigrant program
In fact Becerra noted that California has more Dreamers than all of the 16 other jurisdictions that filed their lawsuit last week. That would amount to misusing sensitive information provided in good faith by program participants, the lawsuit claimed.
Jeff Schlupp to work under new coach at Crystal Palace
However, former Liverpool defender Carragher couldn't resist the opportunity to poke fun at ex-Manchester United star Neville. In August, former Crystal Palace manager Dougie Freedman was appointed sporting director at the club.
AAA Michigan: Statewide Average Gas Prices Up 7¢
NY state's average price on Sunday was 33.4 cents per gallon higher than a month ago and 48.6 cents higher than a year ago. The lowest average price in MI was about $2.66 per gallon in the Detroit area.
Myanmar accused of laying mines, causing Rohingya injuries
The foreign secretary, however, said both China and India are with Bangladesh during this crisis period, as they have always been. Many of the Muslims have lost their lives while tens of thousands have been displaced as a result of attacks by Buddhists.