Oil hits $50 as it nears the August high. A few questions

With Texas producing almost three-quarters of the U.S’s supply of ethylene—considered one of the world’s most important petrochemicals—it is becoming increasingly evident that Hurricane Harvey’s effects will be felt across the nation

Analysts at Drillinginfo.com said any sustained rally in oil prices would depend on demand strengthening along the lines of the IEA's projections, along with supply cuts.

"We are prepared for any action that will help the stability of the oil market", Zanganeh said. East Coast total motor gasoline inventories in the week ending September 1, 2017 fell by 2.2 million barrels, or 3.5%, compared with the previous week.

The International Energy Agency raised their forecast for the growth of the global oil demand in 2017 by 100 thousand barrels per day, to 1.6 million barrels per day.

Brent for November settlement increased 89 cents to end the session at US$55.16 on the London-based ICE Futures Europe exchange., the highest level since April.

He added, "ring to falling ship reserves and reduced output from the Organization of the Petroleum Exporting Countries (OPEC), which earlier this week reported that its August production fell for the first time in five month". According to Goldman Sachs's estimates, the combined effects of production disruption and demand drop from Hurricane Harvey and Irma alone will lift global oil inventories by 600,000 bpd in September, further expanding the supply glut.

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On the other hand, the U.S. West Texas Intermediate or WTI CLc1 was also dragged down by the huge Hurricane pressure and was losing as much as 30 cents at $47.77 per barrel; while the largest local U.S. refinery, Motiva Port Arthur extends shut down after recuperating from the mass effect of Hurricane Harvey and now Irma.

Harvey, which first trampled communities in South Texas at landfall August 25 and then flooded the Greater Houston area as it stalled on the Gulf Coast, caused substantial electricity outages, as power plants and transmission infrastructure were affected by high winds and significant flooding, the Energy Information Administration (EIA) noted Wednesday.

The US Energy Information Administration's (EIA) data showed a build of 5.9 million barrels of crude last week, exceeding expectations for a 3.2 million-barrel hike. The hurricane continues to prolong the terror that Harvey pushed on United States' local refineries and in return drags the overall prices of the commodity down.

Robust demand in industrialised countries was a key factor behind global demand growing by 2.3 million bpd in the second quarter, the highest quarterly year-on-year increase since mid-2015. S. crude stockpiles rose almost twice expected levels last week as refineries cut output following Hurricane Harvey, while gasoline and distillate inventories drew, industry group the American Petroleum Institute said after the market settled.

Futures slipped 0.5%in NY after rising 1.2% Monday. The IEA and OPEC also boosted demand forecasts.

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