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Oil edges up on falling United States crude stocks, but global glut weighs

Oil edges up on falling United States crude stocks, but global glut weighs

Trade was volatile, with prices falling early on the Chinese demand data, then retracing losses after Libya's national oil corporation said it was investigating security violations at the country's largest oil field.

Official Energy Information Administration (EIA) data will be published late on Wednesday.

Traders are also watching United States shale production, which is trudging on full steam ahead despite oil prices, which have been unable to hold above $50 for any significant length of time.

On the balance situation, a survey of analysts from S&P Global Platts revealed expectations of a 3.6 million drop in USA crude oil inventories and a 400,000 barrel decline for gasoline.

September West Texas Intermediate crude oil CLU7, +0.34% fell 4 cents, or less than 0.1%, to settle at $47.55 a barrel on the New York Mercantile Exchange-off the day's low of $47.02.

The weekly USA crude inventory report from the industry group American Petroleum Institute (API) is due out later on Tuesday.




International Energy Agency (IEA) in its monthly oil market report indicated that it is not just Libya and Nigeria but the participating countries have produced nearly 470,000 barrels of crude per day, beyond the agreed level.

Gasoline inventories rose by 301,000 barrels for the week ending August 11, compared to analyst expectations that inventories for the fuel would fall by 1.5 million barrels.

"It is a strong dollar, concern about China demand, and weak volumes", said Phil Flynn, an analyst with Price Futures Group in Chicago. Not a lot has changed despite the Opec and Russian Federation efforts recently. "This is not the report that [the Organization of the Petroleum Exporting Countries] wanted to see", said James Williams, energy economist at WTRG Economics.

In a report Monday, the EIA said it expects to see a climb of 117,000 barrels a day in September to 6.149 million barrels a day The report has shown increases in shale-oil production every month so far this year. Flynn also noted that "shale producers will continue to struggle" as oil stays below $50 a barrel. The OPEC member country is exempt from the global deal to cut output and has been trying to regain pre-war production levels.

"OPEC and Russian Federation still face an uphill battle in reducing the global supply surplus in the face of growth in output elsewhere and less than compliant behavior in their midst (Iraq, UAE)", said French bank BNP Paribas.

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