U.S. West Texas Intermediate (WTI) crude <CLc1>
futures dipped 61 cents to $37.44 a barrel at 0808 GMT, after
climbing 3.5% on Wednesday.
Brent crude <LCOc1> futures fell 53 cents to $40.26 a barrel,
after rising 2.5% the previous day.
The EIA will release official weekly inventory data later on
Thursday, a day later than normal following this week's U.S.
Labor Day holiday.
The EIA already cut its 2020 world oil demand growth forecast by
210,000 barrels per day to 8.32 million bpd.
Industry data from the American Petroleum Institute (API) showed
on Wednesday the country's crude stockpiles unexpectedly rose by
3 million barrels in the week to Sept. 4 with coronavirus cases
rising in several U.S. states.
"If the EIA confirms a crude oil build later today, it would be
the first U.S. stock build since mid-July," ING analysts said.
On China's oil imports which have supported oil in recent
months, Bank ANZ said they were likely to level off as 'teapot',
or independent refineries, reach their maximum annual crude
import quotas.
In a further bearish sign, leading commodity traders are booking
tankers to store crude oil and diesel on the water, with supply
outpacing consumption, according to trading sources and shipping
data.
The rising stockpiles come ahead of a meeting on Sept. 17 of the
market monitoring panel of the Organization of the Petroleum
Exporting Countries (OPEC) and allies including Russia, together
known as OPEC+, which in August trimmed supply curbs from
earlier this year on expectations demand would improve.
"Despite the recent slide in oil prices, we think that the OPEC+
leadership will continue to direct its efforts towards securing
better compliance rather than pushing for deeper cuts at this
stage," RBC analysts said.
(Additional reporting by Shu Zhang and Sonali Paul; editing by
Emelia Sithole-Matarise)
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