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 The U.S. Federal policy makers raised interest rates by a quarter if a percentage point to a range of 2.00 pct to 2.25 pct on Wednesday and left intact its plans to steadily tighten monetary policy. The Fed forecast the U.S economy to grow at a faster-than-expected 3.1 pct this year and continuing to expand moderately for at least three more years, amid sustained low unemployment and stable inflation near its 2 pct target.

U.S. crude oil inventories rose unexpectedly last week as refineries reduced output for seasonal maintenance, according to data from the U.S. EIA. In the week to September 21, commercial inventories of crude oil in the U.S. increased by 1.9 mil bbls, contrary to expectations for a drop of 1.3 mil bbls. Crude stockpiles at the Cushing, Oklahoma, hub rose by 461,000 bbls.

The U.S. Energy Secretary Rick Perry said on Wednesday that the Trump administration is not considering a release from the U.S. emergency oil stockpile to offset the impact of Iran sanctions and will instead rely on global producers to keep the market stable. “If you look at the Strategic Petroleum Reserve and you were to introduce it into the market, it has a fairly minor and short-term impact.

“OPEC will do everything to stabilise, to balance the market but I’m sure you’re also aware that there’s a limit to what they can do. You must have spare capacity,” said Malam Mele Kyari ,the head of crude oil marketing of Nigeria’s state oil firms and also the country’s OPEC representative. He said Nigeria planned to increase its crude oil, condensate output by 100,000 bpd by the end of the year, up from 2 mil bpd currently. The country’s current crude oil production is about 1.7 mil bpd, he added.  Kyara was attending the APPEC conference in Singapore to launch the new Egina crude grade with field operator French oil major Total.

 


 

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