U.S. crude imports rose last week by 77,000 barrels per day, although they dropped sharply in the U.S. Gulf, falling to 2.88 million bpd from 3.41 million bpd in the previous week.
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Gasoline supplies declined by 2.5 million barrels, surpassing forecasts of a 1.4 million barrel draw.
Oil has fluctuated since rallying in August on speculation that the Organization of Petroleum Exporting Countries and Russian Federation will agree on measures to stabilize the market at the meeting next week in Algiers.
US West Texas Intermediate (WTI) crude futures were down 60 cents at $42.70 a barrel, also the lowest in almost six weeks.
Brent for November settlement advanced 18 cents, or 0.4%, to $45.95 a barrel on the London-based ICE Futures Europe exchange.
OPEC will hold an informal meeting after the closing session of the International Energy Forum conference in Algiers on the afternoon of September 28, Bouterfa said on public radio.
Oil took its cue from American Petroleum Institute (API) data which showed a 7.5 MMbbl drop in US crude inventories to 507.2 MMbbl, nearly twice the fall expected by analysts.
Analysts also forecast the weekly United States commercial crude inventories to register a significant increase, which would further add to stubborn supply glut concerns. Global oversupply has led to a dramatic price drop from $115 per barrel two years ago to the current $45. OPEC chief Mohammed Barkindo over the weekend made it clear that no decision would be made at the meeting.
“A production freeze is what we all want, but I’m not sure if we will finalize all the discussions at this meeting”, this source said.
An oil tanker left the Libyan port of Ras Lanouf for Italy yesterday, in the first shipment since late 2014 when fighting erupted over control of the “oil crescent”, an official said.
“It was really an odd market for oil today, with different drivers for the two crude benchmarks and petrol”, said a New York-based energy broker.
Analysts remain sceptical of the world’s biggest producers’ ability to agree an output freeze deal at talks due to take place next week.
World oil prices rose today as traders awaited the release of USA energy stockpiles data and a USA central bank decision on interest rates.
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One potential stumbling block – Iran’s insistence on boosting exports after sanctions on it were lifted in January – is less of an issue this time because Iran’s own figures suggest its production is close to pre-sanctions levels.
