Russian Sept oil output stays at low for the year

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"Oil prices remain supported by ongoing supply restrictions from OPEC and Russian Federation, with the agreement likely to be extended". Companies from Vitol Group, the largest independent oil trader, to energy major BP Plc still see shale as creating a ceiling, especially at current prices.

Exports are buoyed in part by a larger-than-usual gap between the USA and global benchmarks for oil prices, making the cheaper American crude more desirable to foreign markets. U.S. WTI futures were down 0.19 percent to $51.57 per barrel, while Brent crude futures were down 0.32 percent to $56.63 per barrel as of 2:06 p.m. HK/SIN.

Nigeria was shielded from output freeze due to the instability in the country's crude oil production.

Futures lost as much as 1% in NY, after falling 2.4% in the previous two sessions.

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Late Tuesday, the American Petroleum Institute published data showing crude oil inventories dropped about 4.1 million barrels and gasoline inventories grew by 4.2 million barrels. During a month following the disaster, gasoline and diesel fuel reserves in the United States declined by 24 million barrels.

For its part, USO, one of the most heavily traded oil exchange traded funds, finished September with a gain of just over 10%, pushing its third-quarter gain to over 13%.

With demand outpacing supply, crude and refined products inventories are shrinking. Supplies at the oil storage hub in Cushing, Oklahoma, rose by 2.084 million barrels. As a result, oil prices have soared. Since oil prices crashed in 2014, West Texas Intermediate has been unable to hold above $50 for more than a few weeks or months. And only two said that $65 a barrel was a buying opportunity.

A fall in Russia's oil exports is bullish for crude oil (BNO) (UWT) prices.

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Oil entered a bull market last week on signs that rising demand and production cuts by the Organization of Petroleum Exporting Countries and allies such as Russian Federation were reducing a global surplus.

While the inventory draws keep piling on the United States, the global supply/demand situation for crude oil is still not balanced, and fears are that OPEC's now proposed end date of March 2018 for the cuts will prove to be too soon.

Story by Javier Blas, Serene Cheong, and Sharon Cho; With assistance by Heesu Lee, Tsuyoshi Inajima, Dan Murtaugh, Alfred Cang, and Ann Koh from Blomberg.

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