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While analysts expect reports this week to show no change in
U.S. crude stocks overall, an estimate from market intelligence
company Genscape that they fell by 1.8 million barrels at
Cushing - U.S. crude's delivery point - lent oil some support.
Brent crude <LCOc1> was up 6 cents at $46.43 a barrel, after
declining in the previous two sessions. U.S. crude <CLc1> had
risen 30 cents to $44.30 by 1013 GMT.
"Genscape is forecasting a large stock draw in Cushing," said
Olivier Jakob, analyst at Petromatrix. "The supply and demand
numbers suggest that the low oil prices are starting to have an
impact on U.S. crude oil production growth."
In their latest reports, the International Energy Agency and the
Organization of the Petroleum Exporting Countries cut forecasts
for non-OPEC and U.S. oil supply, potentially easing a supply
glut next year.
Even so, Brent has fallen from above $63 since the start of July
due to persistent oversupply and concern about Chinese and other
Asian demand. Oil fell on Monday after growth in China's
investment and factory output missed forecasts in August.
In focus later on Tuesday will be the latest weekly report from
industry group the American Petroleum Institute due at 2030 GMT.
The U.S. government's Energy Information Administration issues
its inventory report on Wednesday.
OPEC has refused to lower output to support prices without the
participation of non-OPEC countries such as Russia, despite the
efforts of members including Venezuela, which on Monday urged
the group to convene a heads of state meeting.
But Russia has refused to cut its output and top OPEC producer
Saudi Arabia sees no need to hold a summit if such a meeting
would fail to produce concrete action towards defending prices,
sources said last week.
Despite the weak immediate outlook, some analysts are seeing
early signs of a rebalancing market.
"The market remains oversupplied, but the pace of stock builds
is moderating," Energy Aspects said in a report. "The Asian
demand outlook is not rosy but it is not collapsing either."
(Additional reporting by Henning Gloystein; Editing by Dale
Hudson)
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