Futures added 1.5 percent in New York. China’s crude imports last month jumped to the second-highest on record, customs data show, while U.S. government data on Thursday showed crude inventories fell by 2.75 million barrels last week. OPEC is said to expect a global oil glut will be gone a year from now. President Donald Trump is expected on Friday to disavow a deal with Iran that helped revive its oil exports, while stopping short of abandoning it. Oil has rebounded from the biggest weekly loss since May on signs that output cuts led by the Organization of Petroleum Exporting Countries are draining a surplus. OPEC expects the effort to succeed by the end of the third quarter of next year, said people familiar with the group’s internal forecasts. The prediction assumes that production in Libya and Nigeria will remain at current levels and U.S. shale output will expand by no more than 500,000 barrels a day next year, two people familiar with the matter said. Click Read More below for additional information.
U.S. commercial crude oil inventories fell by 4.3 million barrels to 401.49 million barrels C-STK-T-EIA in the week to Aug. 31, the lowest since February 2015, U.S. Energy Information Administration (EIA) data showed on Thursday.
Despite that, analysts said prices were curbed by a rise in refined product stocks and a relatively weak U.S. peak fuel consumption season this summer.
Gasoline stocks rose by 1.8 million barrels, while distillate stockpiles, which include diesel and heating oil, climbed by 3.1 million barrels, the EIA data showed.
“Gasoline and distillates inventories both rose substantially. The U.S. summer driving season has proven to be a lacklustre one in terms of gasoline demand,” said O’Loughlin.
more detail at source: https://www.reuters.com/article/global-oil/oil-prices-climb-as-u-s-crude-inventories-drop-idUSL3N1VT07S