WTI crude all future settle at $91.48. That's up $0.71 or 0.78% on the day.

  • Prices initially rose due to a softer Dollar and stock recovery.
  • Bullish themes include Saudi/Russia production cuts and a recovering Chinese economy.

Saudi Aramco CEO commented at the World Petroleum Congress saying.

  • Forecasts of peak oil demand are "wilting under scrutiny".
  • He predicts world oil demand to rise to 103-104mln BPD in H2.
  • Meanwhile:
  • Chevron (CVX) CEO expects oil prices to reach USD 100/bbl.
  • He also sees a steady increase in oil demand.

Adam points out that:

  • US drilling productivity is on the rise, but fewer rigs impact shale oil regions.
  • EIA predicts a production of 9.39 million bpd in October, a decrease of 41k bpd.
  • Declines are nearly equal between Permian and Eagle Ford regions.