Brent is hovering above $55 on the prospect of stronger demand

Tehran told OPEC it reduced crude oil production by 55,000 bpd to 3.84 million barrels in August

Brent is hovering above $55 on the prospect of stronger demand

OPEC raised its forecasts for global oil demand growth in 2017 and 2018, saying consumption would rise by 1.35 million bpd next year, 70,000 bpd more than previously thought.

Oil prices dipped lower following news of the latest North Korean missile launch, although there was a measured response from currency markets which helped limit the reaction in energy markets.

An Energy Information Administration report Wednesday showed United States gasoline stockpiles slid to 218.3 million barrels last week.

According to an S&P Global Platts preview, EIA data could show a build of 10.1 million barrels for crude oil, but a drain on gasoline stocks of 4 million barrels.

Opec and other producers, including Russian Federation, have agreed to reduce output by about 1.8 million barrels per day (b/d) until March 2018 in a bid to reduce global oil inventories and support oil prices.

October West Texas Intermediate crude for October delivery added $1.07, or 2.2%, to settle at $49.30 a barrel on the New York Mercantile Exchange, for the highest finish since August 9.

Nigeria and Libya are the only countries exempted from oil production cuts because both countries are experiencing instability in their oil sectors.

Gasoline producers are getting back online along the Texas coast following Hurricane Harvey.

Crude oil prices have seen an increase of around six percent in August 2017 on a month-on-month basis due to depleting inventory levels.

It also forecast oil demand in the Middle East to rise over 2016 levels, as economic momentum gains pace.

"Even if bloated global oil stockpiles continue to decline through this year, OPEC will still fall short of its objective to reduce oil inventories to their five-year norm by the end of 1Q2018".

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.

A surge in crude oil prices, and energy names, led stocks to fresh all-time highs on Wednesday, Sept. 13, their second record-setting day in a row.

David Madden, a market analyst at CMC Markets UK, said: In London, miners like Rio Tinto, BHP Billiton, Anglo American, and Glencore are offside due to the large drop in the price of copper.

"Stronger demand and supply restrictions from OPEC and Russian Federation are the main reasons for the oil price upsurge", said analyst Fawad Razaqzada.

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