Oil mixed amidst Irma demand fears, Saudi cut extension talks

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The week will also see key monthly reports from the Organization of Petroleum Exporting Counties and the International Energy Agency to assess global oil supply and demand levels.

WTI light sweet oil was up 17 cents at $48.24 a barrel.

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. Spot gold is down 0.8 per cent at $1,335.10 an ounce while United States gold futures for December delivery is down 0.9 per cent at $1,339.40 an ounce. Production had been on the rise over the summer, raising concerns OPEC's deal to cut output wasn't working.

The hurricane knocked out power to almost 4 million homes and businesses in Florida on Sunday. The price for oil in recent weeks is inflated because of the market strains from Hurricanes Harvey and Irma.

Commenting on the impact on oil production of hurricane Harvey, OPEC said "the U.S. energy industry appears to be rebounding quickly". The original six-month agreement has already been extended once, by nine months.

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The deal aims to curb a glut that has weighed on crude prices for more than three years.

After the API report, USA gasoline futures rose RBc1, surpassing their session high.

Six analysts polled ahead of inventory reports from industry group the American Petroleum Institute (API) and the U.S. Department of Energy's Energy Information Administration (EIA) estimated, on average, that crude stocks likely rose 2.3 million barrels in the week ended September 8. Net, we project a larger - in fact record large - crude inventory build but smaller product draws in the coming week than previously.

"Both countries agreed that the option to extend the voluntary market rebalancing effort, beyond the first quarter of 2018, would be considered in due course as market fundamentals may dictate", the ministry said in a statement on Falih's meeting with Kazakh Energy Minister Kanat Bozumbayev.

Data from industry group the American Petroleum Institute (API) was due later on Tuesday while the U.S. Department of Energy's Energy Information Administration (EIA) will release its numbers on Wednesday (9/13).

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