Oil prices rise as Opec cuts production

Marathon Petroleum Corp. oil storage tanks sit at a terminal in the Ybor Channel ahead of Hurricane Irma in Tampa Florida U.S. Sept. 9 2017

The report also said OPEC's output in August declined by 79,000 bpd from July to 32.76 million bpd, citing figures from secondary sources such as consultants and oil-industry media.

The price for Brent crude oil was up 0.46 percent at 9:18 a.m. EDT to $54.13 per barrel.

WTI for delivery in April 2018 is now trading at a discount to Brent of $3.80 per barrel, compared with just $2.50 per barrel on August 14.

Hurricane Irma knocked out power to almost 5.8 million Florida homes and businesses on Sunday after millions were told to evacuate ahead of the storm.

Hurricane Harvey, the storm that struck Texas more than two weeks ago, will remain a bigger concern for the oil market than Hurricane Irma which weakened Monday to a tropical storm, Goldman Sachs said.

Crude futures turned higher after OPEC said its oil output fell in August and as US refiners continued to ramp up following Hurricane Harvey. Harvey slashed refining capacity across Texas, forcing shutdowns of key refineries from Corpus Christi and Houston to Port Arthur, including the largest US fuel-making plant.

Analysts surveyed Monday by S&P Global Platts expect USA crude stocks rose 10.1 million barrels.

The world demand for oil in 2018, as expected by OPEC, will be 1.35 million barrels per day higher than in the current year, and amount to 98.12 million barrels.

USA crude stockpiles likely rose by 4.82 million barrels last week, according to a Bloomberg survey ahead of Energy Information Administration data released Wednesday.

Finally, the EIA weekly Petroleum Status Report for the week ending September 1 came close to our expectations for Harvey's impact.

The market is also watching closely for USA inventories data in the wake of recent storms.

Oil prices headed higher Tuesday, stretching gains in to a second-consecutive session as the latest OPEC report that showed oil production from the cartel fell last month.

OPEC is working to drain the five-year surplus through coordinated production declines and economists at the group said Tuesday that its demand forecast for the year was up 50,000 barrels per day to 1.42 million bpd, reflecting OECD growth as well as China.

A further extension for at least three more months beyond March is now being discussed before Opec meets again in November.

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