U.S. crude stockpiles rise alongside domestic output and imports, DoE says

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Oil pumpjacks are seen near Aneth, Utah, US, October 29, 2017.

IEA said it had cut its longer-term oil price projections from a year ago, partly because of the falling cost of both renewable and conventional sources of energy, the worldwide push to tackle climate change and improve air quality and the boom in U.S. shale oil and gas output.

Oil prices declined on Wednesday after report showed an increase in USA crude stockpile.

Brent crude futures were down 43 cents a barrel at $61.44 as of 12:17 PM EST (1717 GMT).

FSMNews

While the crude build of 1.9 million barrels reported by the Energy Information Administration was more than forecast, it was not as big as the increase of 6.5 million barrels reported on Tuesday by industry group the American Petroleum Institute.

Oil ministers have signalled that they are likely to extend the agreement, possibly until the end of next year.

The price spread forecast for WTI-Brent in the EIA Short-Term Energy Outlook (STEO) for November was approximately $1 per barrel less than the previous month's forecast.

The benchmarks have dipped from earlier in the month, when a surfeit of buying from funds, bolstered by expected strength in demand and momentum from the ongoing rally, boosted prices to two-year highs.

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Prices have slipped back in recent days, partly due to evidence that supply from the United States is rising fast, hampering OPEC's efforts to tighten the market.

The US Energy Information Administration on Wednesday showed domestic crude inventories rising for a second week in a row, building by 1.9 million barrels in the week to November 10 to 459 million barrels.

Oil prices dropped on Wednesday after the USA government reported an unexpected increase in crude and gasoline stockpiles, but an increase in refining runs and a drawdown in distillates helped prices bounce off session lows. The median estimate in a Bloomberg survey had forecast a 2.4 million barrel decline.

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