Oil prices rebound amid U.S. inventory data

Oil prices rebound amid U.S. inventory data

The move is a bid to support oil prices which have fallen dramatically from over $110 a barrel in 2014, mainly due to a glut in supply and a failure of demand to keep pace, particularly with USA shale oil producers adding to global oil supplies.

"Demand is clearly coming back, so there is a need for refining to come back online".

Crude prices were on course for a almost 16 percent rise this quarter, which would make this year's performance the strongest for the third quarter since 2004. Eleven analysts polled ahead of inventory reports from the industry group American Petroleum Institute (API) and the U.S. Department of Energy's Energy Information Administration (EIA) estimated, on average, that crude stocks likely rose 3.5 million barrels in the week ended September 15.

The news agency stated, Iraq Oil Minister Jabar al-Luaibi saying in an energy conference in the UAE that OPEC and other participating countries in the deal are planning to extend the oil curb beyond March next year, when the agreement is scheduled to end.

November Brent crude LCOX7, +1.07% the global benchmark, rose 49 cents, or 0.9%, to$55.63 a barrel on the ICE Futures Europe exchange.

Cardinals re-sign Chris Johnson after RB David Johnson put on IR
He is expected to miss two to three months after undergoing surgery to fix a dislocated wrist, ESPN's Adam Schefter reported. It's going to be extremely hard for owners without I.R. spots to keep Johnson on rosters tying up a spot for that long.

Nov. WTI added 79 cents, or 1.6%, to settle at $50.69/bbl.

The key level for November WTI traders remains $50.30. "All in all, things are fairly constructive", said Brian Kessens, who helps manage $US16 billion in energy assets at Tortoise Capital Advisors LLC.

In New York Mercantile Exchange electronic trading, October West Texas Intermediate crude CLV7, +1.21% the US benchmark, rose 54 cents, or 1.1%, to push just back above $50 a barrel, trading this week at their highest since the end of July, according to FactSet data. Crude production increased for a second straight week, yet distillate supplies slid by 5.69 million barrels and gasoline stockpiles fell to 216.2 million barrels.

Although the front-month gasoline futures contract that expires next week settled little changed at $US1.6551 a gallon, later-dated contracts including the more-heavily traded November futures rose.

"Any increase in the production from the spring of 2018 would...generate renewed oversupply in the oil market and put prices under pressure", the analysts wrote in a note Wednesday.

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