Current: Oil inventories +2.2 million barrels (now 449 million) - production rising!

Oil Rises on Signs of U.S. Supply Drop OPEC’s Shale Outlook

Current: Oil inventories +2.2 million barrels (now 449 million) - production rising!

"There is still one fact that continues to cast a bearish shadow over the oil market: non-OPEC supply growth will outstrip the expansion in global oil demand next year", said Stephen Brennock, an analyst at PVM Oil Associates London. That was coupled with a decline in equities, which hurt bullishness.

According to the EIA, total motor gasoline inventories increased by 1.9 million barrels last week and were about 2 percent above the five-year average for this time of year.

Brent crude, the worldwide benchmark, was down 16 cents, a barrel by 0259 GMT, after gaining 0.9% within the earlier session.

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WTI futures slipped 0.6% to end down 35 cents at $56.77 per barrel.

USA crude oil stockpiles rose sharply last week as refineries minimize output, and exports dropped, whereas refined merchandise prolonged a multi-week drawdown, the Energy Information Administration stated on Wednesday.

"Once again, the crude builds are coming in at the expected levels for the late shoulder season of demand, going into winter", analyst Barani Krishnan said. Expectations were -1.1 million barrels compared to the previous week.

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Concerns about the outlook for energy demand due to global economic slowdown and the continued uncertainty about a potential U.S.

"On a positive note, signs of improving trade relations between the United States and China, a potential agreement on Brexit after the UK's general election, fiscal stimulus in Japan, and a stabilisation of the downward slope in major emerging economies could stabilize growth at the current forecast level", OPEC said in the report. US oil output is expected to rise an additional million bpd to 13.29 million bpd in 2020, the agency said. Meanwhile, the International Energy Agency said soaring production outside OPEC and high inventories will keep consumers comfortably supplied next year.

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