Russia's Crude Oil Production Was Flat in September 2017

Reuters

"Oil prices remain supported by ongoing supply restrictions from OPEC and Russian Federation, with the agreement likely to be extended". Seasonal norms were upended in late August when Hurricane Harvey hit the large concentration of refineries in the U.S. Gulf Coast and the sector was further interrupted when Hurricane Irma hit Florida, which has no refineries of its own.

"When we had the hurricane disruptions, that translated into strong margins and disruptions to USA crude exports". West Texas Intermediate, the USA benchmark for the price of oil, was down 2.4 percent to $50.43 per barrel. Any fall in Russia's crude oil production is bullish for crude oil (BNO) (USO) prices.

Oil slid in NY after its biggest monthly gain in more than a year as the boost from seasonal demand and political tensions in Iraq was expected to fade.

Brent crude, the benchmark for more than half the world's oil, was at $57.62 a barrel on the ICE Futures Europe exchange at 11:28 a.m. London time. It was the biggest third-quarter increase since 2004.The contract reached its highest in more than two years early last week, and posted its fifth consecutive weekly gain.

Iran exports 2.6 million barrels a day of crude oil and the more valuable condensate.

Just as important, global crude inventories have begun to decline. Supplies at the oil storage hub in Cushing, Oklahoma, rose by 2.084 million barrels.

"We are seeing a normalisation of global inventory, it's mostly falling, which is supporting prices", said Mr Burns.

Oil's steady recovery over the past month has been largely thanks to a rebalancing of supply from the Organisation of Petroleum Exporting Countries (OPEC) and allies such as Russian Federation. The need for sustained production curbs is a sign the bulls are on fragile ground.

Oil prices dipped on Thursday after the United States reported record crude exports, although traders said that efforts led by OPEC and Russian Federation to cut production meant markets remained well supported overall.

Azerbaijan's Energy Ministry reported that the country is committed to oil cut deal and daily oil production in the country amounted to 785,700 barrels in September, 733,000 barrels of which were crude oil and 52,700 barrels-condensate.

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