Brent slips from 2015 peaks, United States crude up on inventory draw

Brent slips from 2015 peaks, United States crude up on inventory draw”

USA crude inventories were forecast to rise for a fourth straight week, a Reuters poll had shown.

Brent November crude futures LCOc1 were down 62 cents at $57.82 a barrel by 11:45 am EST (1545 GMT), while U.S. November crude futures CLc1 were up 23 cents at $52.11.

Turkey's repeated threat to cut oil exports from the Kurdistan region in northern Iraq pushed the price close to $60 a barrel on Monday for the first time since June 2015. This shutdown, if it ever occurs, would cause a hefty supply outage to add to the 1.8 million bpd that OPEC, Russia and their partners agreed to take off global markets.

The Iraqi government said it will not hold talks with the Kurdistan Regional Government about the results of the referendum, which is expected to show a comfortable majority in favour of independence after the results are announced later this week.

"The market was approaching if not in overbought territory", Robert Yawger, director of energy futures at Mizuho Americas.

U.S. refinery utilization was expected to rise 3.6 percentage points from 83.2 percent of total capacity in the week ended September 15, according to a Reuters poll on Tuesday. - oil inventories fell by 761,000 barrels at the end of last week, the American Petroleum Institute (API) estimated Tuesday, compared with a 2.296 million barrels build expected.

Analysts said speculative positions created by traders as oil prices edged up in Asia today after an industry report was said to have shown an unexpected decline in crude inventories, supported the upmove.

USA crude oil stockpiles shrank last week as refinery activity continued to recover following recent hurricanes.

The EIA estimates that global crude oil demand could outpace supply by 0.16 MMbpd in 3Q17, but global crude oil supply could outstrip demand again by an average 0.61 MMbpd (million barrels per day) in 4Q17.

Gasoline inventories were up by 1.1 million barrels, exceeding analyst expectations of a 921,000-barrel draw and largely in tune with an API report of a 1.47-million-barrel decline.

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