Oil prices edge up on falling Iraqi exports, tighter U.S. supplies

Oil prices edge up on falling Iraqi exports, tighter U.S. supplies

Oil prices edge up on falling Iraqi exports, tighter U.S. supplies

Brent crude edged up after top exporter Saudi Arabia reiterated its determination to end a three-year supply glut.

Market participants also await data from industry group American Petroleum Institute (API) and the U.S. Department of Energy's Energy Information Administration (EIA) later in the week for clues on the pace of rebalancing. This suggested demand remained strong after the peak US driving season. Analysts and traders surveyed by The Wall Street Journal expect stockpiles to have decreased by 2.2 million barrels, on average, in the week ended last Friday.

Brent crude futures, the worldwide benchmark for oil prices, were at $57.84 at 0056 GMT, up 9 cents, or 0.16 percent, from their last close.

There has also been higher crude demand from Europe, the U.S. and China.

Data from the American Petroleum Institute on Tuesday showed USA crude stocks rose by 519,000 barrels last week, compared with analysts' expectations for a decline of 2.6 million barrels.Gasoline inventories fell by 5.8 million barrels, compared with analysts' expectations for a 17,000-barrel decline.

Gasoline futures settled up 2.2%, at $1.7155 a gallon, while diesel futures rose 1.9%, to $1.8221 a gallon.

The pact runs through March 2018, but they are considering extending it.

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The Organization of the Petroleum Exporting Countries, Russia and other producers have cut oil output by about 1.8 million barrels per day (bpd).

While other producers cut output, USA production rebounded to 9.5 million bpd in the latest week.

This compliance rate may contribute to a significant fall in global oil inventories.

India imported a record 4.83 million barrels per day (bpd) of oil in September as several refiners resumed operations after extensive maintenance to meet rising local fuel demand.

"However, rising oil production in the USA and persistently high exports from the country will be the key bearish factors".

Security sources told Reuters Iraqi forces were deploying tanks and artillery near a Kurdish-held area of northern Iraq where a section of the Kurdish oil export pipeline is located. Kurdish authorities on Wednesday offered to suspend their independence drive, but Baghdad said it would continue its offensive to retake Kurdish territory.

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