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Benchmark Brent crude oil futures <LCOc1> were trading up 54
cents at $55.46 a barrel at 1124 GMT. U.S. West Texas
Intermediate (WTI) crude oil futures <CLc1> were up 23 cents at
$52.35 per barrel.
Analysts polled by Reuters expected weekly U.S. crude oil
inventories to show a draw of 2.4 million barrels in the week
ending Dec. 16. [EIA/S]
Stocks fell more than expected in data published last week,
lifting expectations for another large fall in this week's data.
A landmark deal to cut global supply among OPEC and non-OPEC
producers struck earlier this month has lifted oil prices to
17-month highs.
Russian energy minister Alexander Novak told Russian newspaper
Vedomosti that Russia may extend a production cut beyond the
first half of the year if needed.
"We are in a wait-and-see mood after OPEC-newsflow caused much
volatility," said Frank Klumpp, oil analyst at Stuttgart-based
Landesbank Baden-Wuerttemberg. "The new balance seems to be
between $53 and $57 a barrel on Brent for the next weeks."
Asia is seen posting its biggest net refining capacity additions
in three years in 2017, further boosting demand for crude in the
world's biggest and fastest growing oil consuming region.
The increase amounts to about an additional 1.5 percent of
refining capacity on top of Asia's total installed capacity of
nearly 29 million bpd.
Still, traders see no outright supply shortage for Asian
refineries, as OPEC is shielding most of its Asian customers
from the planned cuts.
(Additional reporting by Henning Gloystein in Singapore; editing
by Susan Thomas)
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