Crude oil futures recovering from early lows settled higher on Tuesday, after a report showed OPEC output fell in August. OPEC said production in August fell by 79,000 barrels a day (bpd) to 32.76 million as falling production from Venezuela, Iraq, the UAE and Saudi Arabia offset rising output from Nigeria. The report also highlighted a dip in non-OPEC output, after several refineries along the Gulf Coast shut down as Hurricane Harvey tore through the U.S. oil heartland of Texas in August.
However, gains were capped as investors braced for U.S. crude inventory due data expected to show a large build in stockpiles. Benchmark crude oil futures for October delivery rose 16 cents to settle at $48.23 a barrel on the New York Mercantile Exchange. Brent crude for October delivery rose 39 cents to $54.23 a barrel on the ICE.
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Crude oil futures recovering from early lows settled higher on Tuesday, after a report showed OPEC output fell in August. OPEC said production in August fell by 79,000 barrels a day (bpd) to 32.76 million as falling production from Venezuela, Iraq, the UAE and Saudi Arabia offset rising output from Nigeria. The report also highlighted a dip in non-OPEC output, after several refineries along the Gulf Coast shut down as Hurricane Harvey tore through the U.S. oil heartland of Texas in August.
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