OPEC, Having Bolstered Oil Prices, Considers Ramping Up Production

The Port Authority of New York and New Jersey is "coordinating with partners across the supply chain to prepare for any impacts" from a possible work stoppage by workers represented by the International Longshoremen's Association as they negotiate with the United States Maritime Alliance (USMX), a Port Authority spokesperson told CBS MoneyWatch on Friday. "We urge both sides to find common ground and keep the cargo flowing for the good of the national economy," added the spokesperson, noting that $240 billion in goods move through the two ports each year and that such trade supports more than 600,000 local jobs. According to the union, a strike would affect ports from Maine to Texas. A stoppage could involve up to 45,000 workers at ports that account for roughly 60% of U.S. shipping traffic, leading to a major disruption of shipments, Oxford Economics said in a report.

Futures slipped 0.5 percent in New York after rising 1.2 percent Monday. U.S. refiners closed by Hurricane Harvey more than two weeks ago continue to restart, including the nation’s largest, operated by Motiva Enterprises LLC. The 12 OPEC nations engaged in production cuts reduced their output by 109,000 barrels a day last month, according to a person familiar with the matter. The hurricanes have rattled energy markets, with Irma shutting Florida fuel stations and ports and Harvey earlier halting about one-quarter of the nation’s refining capacity. Goldman Sachs Group Inc. forecasts the two storms will initially hurt crude demand by about 600,000 barrels a day, though the recovery will likely raise consumption and offset that loss. Click Read More below for additional detail.

American Dollar to Canadian Dollar = 0.830945; American Dollar to Chinese Yuan = 0.156690; American Dollar to Euro = 1.224094; American Dollar to Japanese Yen = 0.009138; American Dollar to Mexican Peso = 0.050224.