Oman oil price rises to $56.21

Oil prices went south on Wednesday after government data showed a surprise rise in USA crude stockpiles, while the drop in gasoline stocks and distillate inventories was far larger than expected.

Weinberg said traders would be looking for signs of a further drawdown in USA stocks and to see whether production was fully back online in the wake of the heavy storm season.

The deep draw in gasoline inventories came even as refining output rose, according to data from the U.S. Energy Information Administration. People familiar with the matter said Wednesday that Saudi Arabia and Russian Federation want to extend their agreement to limit production through the end of 2018. Drawdowns were acute on the East Coast, where distillate stockpiles fell to 45.3 million barrels, lowest since June of 2015, ahead of an anticipated rise in heating oil demand as winter approaches. Production rebounded from a falloff due to Hurricane Nate, and imports rose.

USA crude futures settled down 29 cents, or 0.55%, at $52.18 a barrel on the New York Mercantile Exchange, snapping a three session streak of gains. U.S. West Texas Intermediate crude were down 36 cents to $52.11 U.S., after closing at a six-month high in the previous session.

Gasoline stocks showed a large drawdown of -5.753MM.

Gasoline futures rose for a seventh straight day to 1.93 cents, or 1.13%, to $1.7348 a gallon, their highest settlement since September 1.

Opec, Russia and other producers have cut oil output by about 1.8 million barrels per day (bpd) since January.

The figures also showed that USA oil production rebounded to pre-hurricane levels, rising to more than 9.5 million barrels a day. The pact runs to March 2018, but they are considering extending it. 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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