After settlement, crude prices pared gains when the industry group the American Petroleum Institute said its data showed US crude stocks rose unexpectedly last week, while gasoline inventories decreased and distillate stocks built. Brent closed 2 percent higher the previous day. With West Texas Intermediate, the USA benchmark for the price of oil, trading at a significant discount to most other rival grades, industry analysts said it's likely that more, not less, US crude oil will wind up on the global market.
The world's largest oil producing nation, Saudi Arabia, said on Monday it had cut crude oil allocations for November by 560,000 barrels per day.
"It calls into question how committed Saudi Arabia is to those production cuts", said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management.
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OPEC, Russia and other non-member producers are cutting output by about 1.8 million barrels per day (bpd) until next March to get rid of a price-sapping supply glut.
Barclays had raised its price outlook for the fourth quarter of 2018 and the first quarter of 2017. "At the moment, there is no talk of an extraordinary meeting", he told media. Short-term price support was coming from the United States, where 85 percent of US Gulf of Mexico oil production, or 1.49 million bpd, was offline following Hurricane Nate, according to official figures.
For 2018, oil demand is expected to rise by 420,000 bpd vs 400,000 bpd previously.
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Longer term, Barclays said it expected "a return to build mode next year", while PVM's Stephen Brennock said the International Monetary Fund viewed the economic recovery as being "on thin ice".
Speaking at the Reuters Global Commodities Summit, Vitol CEO Ian Taylor said USA output would climb another 500,000 to 600,000 bpd next year before flattening. The American Petroleum Institute (API) is scheduled to release its data for last week at 4:30 p.m. EDT (2030 GMT) on Wednesday and the US Department of Energy's report is due at 11 a.m. EDT on Thursday.
He also said Nigeria and Libya, who were exempted from the pact, "are making progress towards full recovery" of production, after which they could join the OPEC-led agreement. USA crude inventories probably fell for a third straight week, while refined product stockpiles also likely declined, a preliminary Reuters poll showed on Tuesday.
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