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Figures from the American Petroleum Institute (API) showed U.S.
crude oil inventories fell by 7.431 million barrels last week,
far exceeding the 1 million barrel draw expected by analysts in
a Reuters poll. [API/S]
"There is a pause of breath and light reprieve for oil prices
this morning," said PVM analyst John Evans, citing the API
report's findings.
Brent crude for November rose 42 cents, or 0.6%, to $73.12 a
barrel by 0810 GMT after touching its lowest since December on
Wednesday. U.S. West Texas Intermediate crude for October was up
37 cents, or 0.5%, at $69.57.
Further support came from discussions between the Organization
of the Petroleum Exporting Countries (OPEC) and allies led by
Russia, known collectively as OPEC+, about delaying output
increases due to start in October, sources told Reuters on
Wednesday.
OPEC+ had been ready to proceed with an output increase of
180,000 barrels per day (bpd) in October, part of plans for a
gradual unwinding of its most recent cuts of 2.2 million bpd.
However, continued soft demand in China and the potential end of
a dispute halting Libyan oil exports has pushed the group to
reconsider.
Official U.S. oil stocks data from the Energy Information
Administration (EIA) is due at 1430 GMT. [EIA/S]
Financial markets were also awaiting further U.S. macroeconomic
indicators due later on Thursday, including jobs data.
(Reporting by Alex LawlerAdditional reporting by Georgina
McCartney in Houston and Trixie Yap in SingaporeEditing by David
Goodman)
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