USA oil trims losses as crude supplies fall for third straight week

Angola falls back from leading oil production in Africa

WTI light sweet crude oil fell 70 cents, or 1.4%, to settle at $50.60/bbl.

EIA today reported a 2.8-million-barrel draw in US crude oil inventories for the week to October 6, lifting market spirits further amid higher oil demand growth projections from OPEC and growing Middle East tensions around Kurdistan.

Inventories of US crude fell by roughly 2.8m barrels in the week ended October 6, handily beating expectations of a draw of 2m barrels. Both benchmarks have risen more than 20 percent from their lows in June as world oil markets tightened.

Crude prices gained in Asia on Friday with trade data from China supporting rising demand views as the market looks ahead to U.S data.

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Though the 2017 figure was lower than the forecast in EIA's September report, the 2018 growth projection was revised upward to 9.922 million b/d, or a year-on-year jump of 680,000 b/d, versus the 9.84 million b/d forecast a month ago. Distillate stocks fell by 1.5 million barrels, short of expectations for a drop of 2.2 million barrels.

"This means OPEC must deepen its production cuts to finish its job of bringing oil stocks back to the five-year average", Fritsch said.

"Our forecast of global demand growth remains unchanged at 1.6 million barrels per day in 2017, or 1.6 percent, and 1.4 million barrels per day in 2018, or 1.4 percent", said the report. The API data is released after market close in the West. Consensus expectations of analysts surveyed by S&P Global Platts earlier in the week had pointed to a draw of about 400,000 barrels.

"Taking 2018 as a whole, oil demand and non-Opec production will grow by roughly the same volume and it is this current outlook that might act as the ceiling for aspirations of higher oil prices", the agency said.

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