Oil prices climb after IEA report

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West Texas Intermediate, a measure of U.S. oil prices, hit $50 a barrel for the first time in 5 weeks on Thursday.

On similar lines, the oil for delivery in October edged up by Rs 2.60, or 0.48 per cent to Rs 549 per 10 kg in 172 lots.

Gold and most commodity prices are lower.

This is published unedited from the PTI feed.

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That was followed by the International Energy Agency (IEA) saying the global oil glut was shrinking thanks to strong European and USA demand, as well as production declines in Opec and non-Opec countries.

The IEA report came on the heels of a bullish monthly report from the Organization of the Petroleum Exporting Countries, which said the cartel's output had fallen in August for the first time since April.

Some investors are "not convinced that the market balance is changed enough to support a price above US$50 as of yet".

This forecast is 100,000 barrels per day higher than the IEA August forecast. This is great news for WTI as it managed to return its foot back to the $50 range ever since it faltered in performance last August.

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Meanwhile, the U.S. Energy Information Administration said Wednesday in its weekly report that U.S. gasoline stockpiles came down by 8.4 million barrels in the week ended September 8, the largest weekly drop on record.

For a long time the gulf coast has been a production and refining centre, but today it is an important global trading hub with more than 4m b/d of refined products and 800,000 b/d of crude oil being exported. US gasoline futures RBc1 extended declines on Thursday as demand was expected to slip due to the effects of Hurricane Irma on Florida and Georgia.

Industry and government oil products stocks stood at 1,796.3 million barrels at in July in the 34 countries that make up the Organisation for Economic Cooperation and Development.

The agency said global oil supply dropped 720,000 barrels a day last month from July, to 97.7 million barrels a day, largely due to those disruptions to United States production due to Hurricane Harvey and supply disruptions in Libya.

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Though inventories in developed economies are still 195 million barrels above the five-year average, it declined by 18.7 million barrels per day in July and will soon fall to this level given robust demand outlook and falling supplies.

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