Members of the Organization of Petroleum Exporting Countries and other producers including Russian Federation have pledged to reduce crude output by about 1.8 million barrels a day through March to trim global oil inventories and buttress prices.
The dollar has maintained a solid tone in currency markets and the firmer USA currency has had some impact in curbing support for oil prices. Brent crude oil futures for November delivery LCOc1 were up 5 cents at $53.73 a barrel while benchmark US West Texas Intermediate crude CLc1 advanced by 32 cents to $47.80.
OPEC's secretary-general Mohammad Barkindo said on Monday the supply cut deal was expected to help the global oil market rebalance and strong demand could further reduce oil inventories.
All Blacks expecting physical, angry South African side in Rugby Championship clash
The All Blacks unleashed "the beast" as they came from behind to beat a fired-up Argentina 39-22 in a Rugby Championship Test in New Plymouth yesterday.
About 6.1 million customers were without power following Hurricane Irma, down from a peak over 7.4 million late Monday, according to local utilities.
The new deal may include OPEC members Libya and Nigeria, which are exempt from the current agreement.
The report from OPEC also highlighted that production outside the group fell in August, driven by disruptions in the USA after Hurricane Harvey rampaged through the oil producing regions in Texas and Louisiana. While some oil processing has recovered, 6 percent of USA capacity still remains shut. Recent Hurricane Harvey that battered Gulf Coast and led to refinery outage in tune of 4.2 million barrels per day, has pushed the landlocked WTI price lower.
Xiaomi wants to take on Apple's MacBook Pro
The mid-range option drops the RAM to 8GB, while the entry-level Mi Notebook Pro also drops the processor down to a Core i5 8250U. Moving on, the keyboard is backlit and the company has claimed that the keyboard area is 19 percent larger than the MacBook Pro .
The deal aims to curb a glut that has weighed on crude prices for more than three years.
US crude stockpiles likely rose by 4.82 million barrels last week, according to a Bloomberg survey ahead of Energy Information Administration data released Wednesday.
James Franco's New Movie About The Room Gets New Trailer
You didn't live tweet films, or watch bad movies ironically, or EVER forget to keep your Letterboxd account up to date. Franco looks incredible in the role of Wiseau, and seems to have nailed his voice and mannerisms perfectly.
"The market is assessing what is happening after the two hurricanes and there is concern that demand is down in Florida", said Miswin Mahesh, an oil market analyst at Energy Aspects. "A similar production level is also anticipated for September", the Saudi ministry said.