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U.S. crude stocks fell by 6.4 million barrels, the American
Petroleum Institute (API) said, more than forecast. [API/S]
Manufacturing surveys around the world showed expanding activity
in August, although the outlook remains shaky.
Brent crude <LCOc1>, the global benchmark, was up 3 cents at
$45.61 a barrel as of 1010 GMT, climbing for a third day. U.S.
West Texas Intermediate <CLc1> rose 11 cents, or 0.3%, to
$42.87.
"Market players are currently riding a wave of optimism, though
it could come crashing down at any moment," said Stephen
Brennock of oil broker PVM.
U.S. crude inventories were forecast to fall by 1.9 million
barrels.
The U.S. government's Energy Information Administration issues
its official figures at 1430 GMT, which will be scrutinised to
see if they confirm the API's numbers. [EIA/S]
The EIA figures "may provide some short-term volatility but are
unlikely to provide enough impetus to break oil out of its
recent trading ranges," said Jeffrey Halley, analyst at broker
OANDA.
Oil has recovered from historic lows hit in April, when Brent
slumped to a 21-year low below $16 and U.S. crude went negative.
A record supply cut by the Organization of the Petroleum
Exporting Countries and allies, a grouping known as OPEC+, has
helped support prices.
The producers have begun to return some crude to the market as
demand partially recovers and OPEC in August raised output by
about 1 million barrels per day (bpd), a Reuters survey found on
Tuesday. [OPEC/O]
(Additional reporting by Yuka Obayashi; editing by Jason Neely
and Louise Heavens)
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