Iran says will take necessary steps to ensure oil market stability

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Its next meeting will be on September 23, said Al-Marzouq who indicated that the committee will discuss reports and recommendations regarding the global prices during the event.

Hurricane Harvey, the storm that struck Texas more than two weeks ago, will remain a bigger concern for the oil market than Hurricane Irma which weakened Monday to a tropical storm, Goldman Sachs said. For the week ending September 1, 2017, gross inputs to refineries in the U.S. Gulf Coast fell by 3.2 million b/d, or 34%, from the previous week, the largest drop since Hurricanes Gustav and Ike in 2008. US light crude rose 77 cents to a high of $50.07 before easing to trade around $49.95, up 65 cents.

Oil prices rose after the report was published, with Brent crude adding 10 cents to $54.37 per barrel around 0820 GMT.

And while renewables are projected to be the fastest-growing energy source, fossil fuels will continue to be important and demand will grow, even though prices are also projected to rise. S. crude stockpiles rose almost twice expected levels last week as refineries cut output following Hurricane Harvey, while gasoline and distillate inventories drew, industry group the American Petroleum Institute said after the market settled.

The build came after Hurricane Harvey shut production in some Gulf of Mexico fields and refineries in Texas as some domestic producers also trimmed output to avoid a larger glut at storage.

Andrew Lipow of Lipow Associates in Houston said the fall in prices was a "counterintuitive" reaction.

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"OECD demand growth continues to be stronger than expected, particularly in Europe and the US", the Paris-based IEA said.

The numbers show that "Hurricane Harvey's disruptive influence continues", said Smith, director of commodity research at ClipperData. The IEA said it is time to reexamine the region's energy security with the USA adding refined products to the country's strategic petroleum reserves alongside crude.

The International Energy Agency raised their forecast for the growth of the global oil demand in 2017 by 100 thousand barrels per day, to 1.6 million barrels per day. There was also further positive sentiment following the latest IEA monthly report which revised up its demand forecasts.

After Hurricane Harvey halted nearly a quarter of the nation's refining capacity, crude prices in NY slumped as gasoline prices soared.

"Without inventory normalization, there can be no sustained price recovery", they wrote.