Oil slips as Venezuela sees 10pc glut in market


Meanwhile, according to the Iranian oil ministry news agency, SHANA, Rouhani said that Tehran would support any move to stabilize the global oil market and raise prices.

Oil prices rallied Wednesday as USA inventory data showed domestic crude inventories at the lowest level since February and the dollar weakened.

Saudi Arabia's oil exports rose in July as the leader of OPEC pumped record high levels of crude oil, Kallanish Energy finds.

American crude inventories were slated to increase by 2.3 million barrels over the past week, according to a survey by Reuters, and 2.8 million barrels were expected to be added according to S&P Global Platts.

While WTI rose, US gasoline futures RBc1 fell 4 percent to $1.3646 a gallon on worries that a gasoline glut would return with the full restart of the Colonial line. Brent for November settlement advanced 87 cents, or 1.9%, to $46.75 a barrel on the London-based ICE Futures Europe exchange.

At around 0650 GMT, US benchmark West Texas Intermediate was down 19 cents to $43.11 and Brent dipped 16 cents to $45.79.

Obama touts U.S. military aid in meeting with Netanyahu
He also raised USA concerns about Israeli settlements, a sore spot between the two leaders. According media reports Netanyahu pushed back on this.

Members of OPEC and other oil producers are set to hold an informal gathering in Algiers next week, which the oil market hopes could lead to an agreement to freeze production levels.

Opec failed to reach an agreement on curbing oil output at a meeting with non-Opec members in Doha, Qatar in April.

OPEC and non-member producers including Russian Federation are discussing a deal by at least freezing output, although key details such as the timing and baseline for any deal have yet to emerge.

Oil producers are to meet September 26-28 on the sidelines of an industry conference in Algeria for talks on potentially freezing oil production, ahead of OPEC's all-important policy meeting in November.

While the draws have put a bullish face of sorts on oil, they also contrast with surging production from Opec and other major producers such as Russian Federation, causing a swing in crude prices lately. USA crude was up 61 cents, or 1.4 percent, at $43.64 a barrel. Official export data for August is not yet available. For more on crude oil prices, read part one of this series.

But OPEC President Mohammed Barkindo put doubt on Maduro's optimism, saying that the meeting would be informal and "not a decision-making meeting".