Meanwhile, the American Petroleum Institute, an industry group, reportedly said Tuesday that US crude inventories had risen by 1.4 million barrels in the week ended September 15.
USA oil inventories jumped last week even as rising imports offset a partial recovery at the country's refineries. Refinery utilization rates rose by 5.5 percentage points. The data suggesting refiners will need to step up crude processing followed robust demand growth forecasts last week from the International Energy Agency and OPEC.
Some producers think the pact should be extended for three or four months, others want it to run until the end of 2018, while some, including Ecuador and Iraq, think there should be another round of supply cuts, al-Luaibi said. "Any increase in the production from the spring of 2018 would...generate renewed oversupply in the oil market and put prices under pressure", the analysts wrote in a note Wednesday.
Meanwhile, an OPEC committee concluded the cartel and allied oil producers overshot production curbs called for in their agreement, according to two delegates. Total volume traded was about 2% below the 100-day average.
November WTI Crude Oil settled at settled at $50.28, down $0.07 or -0.14% and December Brent Crude oil closed at $55.15, down $0.10 or -0.18%.
At $55.50 a barrel, Benchmark Brent crude was up 3 cents at 2:03 p.m. ET (1803 GMT), in an unstable session that made it stretch from a high of $55.75 a barrel to an intraday low of $54.86.
Global crude oil prices slipped slightly Monday but stayed close to multimonth highs as traders braced for a potential stockpile build, expected later this week. "All in all, things are fairly constructive", said Brian Kessens, who helps manage $US16 billion in energy assets at Tortoise Capital Advisors LLC.
"We have more work to do to get supplies back up to normal so that should be very bullish for crude oil", Phil Flynn, senior market analyst at Price Futures Group Inc.in Chicago, said by telephone.
Crude inventories rose by 4.6 million barrels in the week ending September 15, compared with analyst expectations for an increase of 3.5 million barrels. Oct. WTI was up 93 cents, or 1.9%, to finish at $50.41/bbl on contract's expiration day.
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