Oil falls as USA supply rises, Russian Federation resists cutting output

A pump jack operates at a well site leased by Devon Energy Production Company near Guthrie Oklahoma

U.S. West Texas Intermediate (WTI) crude settled down 56 cents, or 1.1 percent, at $49.96.

Oil traded near $50 a barrel with Opec's secretary-general set to visit Baghdad on Tuesday for talks aimed at resolving a deal on output after Iraq said it should be exempt from planned cuts.

Iraqi oil minister Jabar Ali al-Luaibi said on Sunday the country, second largest producer in OPEC, wanted to be exempt from output curbs as it needed more money to fight Islamic State militants. "If OPEC is producing 33 million barrels of oil per day. and if non-OPEC incorporate 16 million, or half, they should also take out half of that ratio from the market, 400,000 or 500,000 barrels of oil per day", Del Pino said. Prices closed down 67 cents at $50.79 a barrel on Tuesday, the lowest settlement since September 30.

Oil prices fell on Wednesday, pulled down by a report of surging USA crude inventories, rising output in Nigeria and squabbling among producers about a planned output cut, which together re-ignited concerns over a global supply glut.

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The OPEC members will approve the proposed oil output cut at a meeting in Vienna next month.

After markets closed Tuesday, the American Petroleum Institute said that US oil inventories increased by 4.8 million barrels in the week ended October 21, higher than the 2.0-million-barrel build forecast by analysts.

Oil fell more than 1 per cent on Wednesday even after a surprise drawdown in USA crude inventories, as traders remained cautious that OPEC would be able to cut production come late November.

Brent crude was down 86 cents, or 1.7 per cent, at $49.93 a barrel by 13:53 p.m. EDT (1753 GMT). In post-settlement trade, it got down to as low as $50.56.

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Traders said concerns over political stability in Venezuela, a major oil producer, had lifted markets.

On the demand side, Japan's crude imports fell 4.6 percent in September from the same month a year earlier, to 3.27 million bpd, official data showed on Monday.

Iraq has said it would not participate, while Indonesia's state oil firm is targeting an output increase.

OPEC representatives at the meetings were from Saudi Arabia, Kuwait, Qatar, United Arab Emirates and Bahrain.

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