Oil Update: Oil holds as IEA raises its forecast for Global Oil demand

Oil prices held their own after International Energy Agency raised its forecast for growth in global oil demand.

London Brent crude for November delivery was down 11 cents at $55.05 a barrel by 0035 GMT, after settling Wednesday up 89 cents, or 1.6 percent.

NYMEX crude for October delivery was down 4 cents at $49.26, after ending the last session up $1.07, or 2.2 percent.

US Gasoline data released by US Energy Information Administration (EIA) show a drastic decline in oil inventories after Hurricane Irma. US gasoline stocks fell by nearly 8.4 million barrels, the largest weekly dip since 1990 when data compilation began. EIA also a showed a build-up in the US gasoline stocks by 5.9 million barrels, exceeding expectations post the Hurricane Harvey and Irma impact.

Refineries in US as resuming production, ExxonMobil Corp released a statement on Wednesday saying it is going to restart its 362,300-barrel-per-day Beaumont, Texas, refinery after it was shut down due to Hurricane Harvey.

The Global oil surplus is beginning to shrink due to an increased demand from US and European countries, coupled with supply cuts from OPEC and non-OPEC countries during last year. Furthermore, the future for oil seems to hover above or around but surely not below the $50 mark as International Energy expects a strong demand for the future.