The EIA (U.S. Energy Information Administration) released its weekly crude oil inventory report on September 20, 2017.
Consequently, in spite of efforts of OPEC and non-OPEC countries to artificially reduce output, the USA shale oil and gas producers start to export large volume of crude oil to world markets when the oil price exceeds $45 a barrel.
The front-month contract in Brent, the global oil benchmark, settled down $0.34, or 0.6%, at $55.14 a barrel on London's Intercontinental Exchange.
OPEC, led by Saudi Arabia, and other non-OPEC members such as Russian Federation pledged they will decrease their output to by 1.8 million barrels per day in 2017 up to next year. The International Energy Agency's (IEA's) upward revision of its global oil demand growth forecast, together with weakness in the United States dollar index, will support prices.
Still, "refinery runs rebounded a solid 1.2 million barrels per day, in whole part due to returning refining activity on the U.S. Gulf", he said.
While Iraq's Oil Minister Jabbar Al-Luaibi said on Tuesday that some nations were talking about a further 1 percent cut, his Russian counterpart Alexander Novak told RIA Novosti on Wednesday that there's no formal proposal to do so.
Oil production also improved significantly to 9.51 million barrels per day, which reduced to 8.78 million bpd after it was affected by storm Harvey that hit the US Gulf Coast. Gasoline supplies dropped a third week to the lowest level since November 2015, while distillate stockpiles fell by the biggest amount since 2011, according to government data. Ahead of that, will be API's closely-watched inventory sampling at 4:30 p.m. on Tuesday.
Oil prices have been in an uptrend over the past three weeks after Hurricane Harvey, which struck Texas and the oil-and-gas rich U.S. Gulf of Mexico on August 26, shut down almost a quarter of the U.S. refining capacity of nearly 18 million bpd. On Friday, data from energy services company Baker Hughes showed domestic oil drillers running the lowest number of rigs since June.
Ministers "may try to lay out some preliminary numbers, but I don't think you'll see anything concrete come out", Paul Crovo, a Philadelphia-based oil and equity analyst at PNC Capital Advisors LLC, said by telephone.
Crude stocks at the Cushing, Oklahoma, delivery hub rose by 703,000 barrels, EIA said.
November WTI crude prices rose to $51.11 on Wednesday, its highest price since May 25, but the market is still trading well short of its high that day at $52.62.