Oil Rises As US Refineries Restart, Irma Wanes

US Hurricanes Affecting Oil Prices, Saudi Could Cut Output

Geopolitical tensions, concerns about US policy reform viability and the decline in the USA dollar have helped stimulate oil prices, a Kuwaiti bank said.

Brent crude oil futures for November delivery LCOc1 were down 66 cents at $53.12 a barrel while benchmark U.S. West Texas Intermediate crude CLc1 declined by 33 cents to $47.15.

Gold is retreating as the safe-haven demand fades. Global benchmark Brent crude LCOc1 dropped by 35 cents to $53.49 per barrel from the previous close. The original six-month agreement has already been extended once, by nine months.

Oil prices were mixed on Monday, with Hurricane Irma's continued pounding Florida raising demand fears, while US refinery restarts and Saudi cut extension talks gave upward pressure.

"The drop in United States oil refining is also to be offset by higher processing at other nations, so worries over a substantial cut in crude oil demand are fading". The North American benchmark WTI is now trading at $47.8 per barrel and Brent at $5 per barrel premium to WTI.

Saudi Arabia-OPEC's most influential member-has been debating whether to extend the cartel's production accord after it expires in March 2018.

Meanwhile, with 17 cents drop from its preceding week, Organization of Petroleum Exporting Countries (OPEC)'s basket price stood at $49.53 per barrel in the mentioned week. Refineries are restarting in Texas.

In a "dramatic situation" like a hurricane, there is going to be "a lot of volatility in the numbers", he said. "If you look at flat price, it has gone nowhere over the last month and a half to two months". The industry-funded American Petroleum Institute will release its inventory data on Tuesday.

Six analysts polled ahead of inventory reports from industry group the American Petroleum Institute (API) and the U.S. Department of Energy's Energy Information Administration (EIA) estimated, on average, that crude stocks likely rose 2.3 million barrels in the week ended September 8.

The east Asian nation has a similar deal with Abu Dhabi National Oil Co (ADNOC), under which ADNOC can store up to 6.29 million barrels (1 million kilolitres) at Kiire oil terminal in southern Japan's Kagoshima.

There was still a high degree of uncertainty surrounding the situation in Florida following the impact of hurricane Irma.

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