Money Market Guru – U.S. crude oil inventories rose for a third straight week, by 4.6 million barrels in the week ending Sept. 15, the Energy Information Administration said Wednesday. Domestic crude supplies climbed by 4.6 million barrels for the week ended Sept. 15. Thats above the forecast for a rise of 2.4 million barrels by analysts.

The EIA (U.S. Energy Information Administration) estimates that US crude oil production rose by 157,000 bpd (barrels per day), or 1.7%, to 9,510,000 bpd between September 8, 2017, and September 15, 2017. In fact, production has risen 998,000 bpd, or 11.7%, from the corresponding period in 2016. US crude oil production has risen in the last two consecutive weeks and is near a four-week high.Crude oil prices inched higher Friday, preserving weekly gains as OPEC met in Vienna to discuss output cuts. Oils rally stalled amid uncertainty over the outcome of the meeting.

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Russian Energy Minister Alexander Novak said Russia and OPEC can wait until at least January before announcing further production quotas. Earlier in the week, Kuwaits oil minister said the oil market was already on the way to re-balancing. November oil rose 11 cents to $50.66 a barrel, for a weekly gain over 0.4%. At one point, oil touched a 4-month peak near $51.