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UPDATE 6-Oil price falls after gasoline stock rise

reuters.com · 09/01/2021 00:55
UPDATE 6-Oil price falls after gasoline stock rise

OPEC+ raise 2022 oil demand forecast, sources say

United States urges OPEC+ to boost output to ease prices

U.S. refineries aim to restart after Hurricane Ida

New throughout, updates prices, market activity and comments; new byline, changes dateline, previous LONDON

By Stephanie Kelly

- Oil prices fell on Wednesday after U.S. gasoline inventories rose and as OPEC+ was set for a meeting at which traders expected the producer club to stick to a plan to add 400,000 barrels per day (bpd) each month to the end of December.

Brent crude LCOc1 fell 93 cents, or 1.3%, to $70.70 a barrel by 11:07 a.m. EDT (1507 GMT). U.S. West Texas Intermediate (WTI) crude CLc1 fell $1.00, or 1.5%, to $67.50 a barrel.

U.S. gasoline stocks USOILG=ECI rose by 1.3 million barrels last week to 227.2 million barrels, the EIA said. Analysts had expected a 1.6 million-barrel drop.​

U.S. crude inventories USOILC=ECI fell by 7.2 million barrels last week to 425.4 million barrels. Analysts had expected a 3.1 million-barrel drop.

U.S. crude prices are expected to remain under pressure as offshore oil and gas production in the Gulf of Mexico gradually recovers. However, reviving Louisiana refineries shut by Hurricane Ida could take weeks, analysts said. nL1N2Q2306

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, were set to meet at 1500 GMT. OPEC+ has raised its forecast for oil demand next year, sources within the group told Reuters, in a move that might help to build a case for raising output. nL1N2Q30F8nL8N2Q11BN


(Reporting by Stephanie Kelly in New York; Additional reporting by Noah Browning in London, Florence Tan in Singapore and Sonali Paul in Melbourne
Editing by Edmund Blair, David Goodman and David Gregorio)

((Stephanie.Kelly@thomsonreuters.com; 646-223-4471; Reuters Messaging: stephanie.kelly.thomsonreuters.com@reuters.net))