Oil rises on reported United States crude stock draw, Japan import data
Sep 27 2016 by Johnny Bowman
"We are still very well supplied for this time of year", said Tariq Zahir, trader in crude oil spreads at Tyche Capital Advisors in NY.
USA oil for November delivery settled up $1.29, or 2.9%, at $45.34 a barrel on the New York Mercantile Exchange.
Oil was also supported by an industry strike in Norway that threatened to cut North Sea crude output and a weaker dollar ahead of a Federal Reserve policy announcement at 2:00 p.m. EDT (1800 GMT), where the central bank was expected to keep US interest rates unchanged.
Algeria has been pushing for oil to be stabilized at around $60 a barrel.
Venezuela President Nicholas Maduro reportedly said the Organization of Petroleum Exporting Countries and Moscow are now working on a deal to limit oil production.
The American Petroleum Institute (API), a trade group, will release its inventory data for last week at 4:30 pm EDT (0630 Wednesday AEST), ahead of the official US Energy Information Administration (EIA) report on Wednesday morning (US time).
US crude rose 0.7% to $43.35 a barrel after sharp declines last week.
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Analysts say OPEC countries are highly unlikely to reach any agreement in Algeria, but the negotiations will slightly help the market.
Firm import data from Japan also supported prices, traders said. Exports of refined oil products in July totalled 1.367 million bpd versus 1.371 million in June. Benchmark Brent crude has averaged about $43 a barrel this year.
The Guards is a militia, which until September had been controlling the oil ports in Libya for a number of years since the ouster and subsequent death during 2011 of Moammar Gadhafi the former dictator. The more bullish than expected data put further upward pressure on prices with a move above $44.50 in WTI. The price of a barrel of Azeri Light crude oil faced a decrease of $0.95 and stood at $46.78.
Russia, Iran and other major oil producers are due to take part in the Algiers meeting.
Brent and WTI prices had been dragged to multi-week lows on Friday amid worries returning supplies from Libya would add to the global supply glut.
As it expands oil product exports, the kingdom has been feeding more crude to domestic refineries.
Analysts polled by Reuters expect the EIA to announce that United States crude stockpiles, already at record high levels for this time of year, likely rose 3.4 million barrels last week.