Global oil prices slip, but remain near recent highs

Global oil prices slip, but remain near recent highs

Crude oil prices turned lower on Thursday, as traders finally reacted to the previous session's downbeat USA stockpiles data and as markets were cautious ahead of a highly-anticipated meeting of the Organization of the Petroleum Exporting Countries on Friday.

Meanwhile, an OPEC committee concluded the cartel and allied oil producers overshot production curbs called for in their agreement, according to two delegates.

Oil prices settled up 2 percent on Wednesday despite a rise in US crude inventories, with the market heading for its largest third-quarter gain in 13 years after the Iraqi oil minister said OPEC and its partners were considering extending or deepening output cuts.

Brent crude futures settled 14 cents lower at $55.48 a barrel, near an nearly five-month high of $55.99 touched on Thursday.U.S.

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The front-month in USA crude's West Texas Intermediate (WTI) futures settled down $0.43, or 1%, at $49.48 per barrel on the New York Mercantile Exchange.

Meanwhile, US oil production has largely recovered from the shutdowns following Hurricane Harvey, now standing at 9.51 million barrels per day (bpd), up from 8.78 million bpd directly after the storm hit the US Gulf Coast.

Hurricanes in the Gulf of Mexico have pushed up crude inventories as some USA refineries have been shut by flooding. Kuwaiti Oil Minister Issam Almarzooq said the group won't look at an extension of the deal this week even as Algeria's energy minister told his nation's state-run press agency that an extension will be discussed.

Oil production also improved significantly to 9.51 million barrels per day, which reduced to 8.78 million bpd after it was affected by storm Harvey that hit the US Gulf Coast.

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"We could see some payback in oil prices in the short term", Pedersen said. The U.S. government's Energy Information Administration (EIA) will issue its next weekly dataset for oil-supply demand on Wednesday.

US crude stockpiles rose to 472.8 million barrels last week, while inventories at the crucial trading hub in Cushing, Oklahoma, climbed to the highest since June.

Ministers "may try to lay out some preliminary numbers, but I don't think you'll see anything concrete come out", Paul Crovo, a Philadelphia-based oil and equity analyst at PNC Capital Advisors LLC, said by telephone.

USA crude imports rose last week by 734,000 barrels per day.

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"Talk on the inventory report for this week is for a 4-5 million barrels build in crude", said Scott Shelton, a broker for ICAP in Durham, North Carolina.

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