Oil prices climb off 10-month lows as US stockpiles drop

August Brent crude futures LCOc1 were up 8 cents at $46.10 a barrel by 1258 GMT, having fallen earlier to seven-month lows at $45.53. Oil had pushed its way back above $46 ahead of USA trading and cast off 2% on Tuesday, taking US crude futures 20 percent off recent highs.

John Kemp, market analyst for Reuters, noted that with USA producers poised to seize more than half of the projected growth in global liquids consumption of 1.54 million barrels per day (bpd) in 2017 and 1.62 million bpd in 2018, OPEC and its allies "will eventually respond by increasing their own output to protect market share against the threat from us shale producers". "Meanwhile, oil output in the country is still rising despite recent declines in oil prices". "U.S. crude and gasoline stockpiles are significantly higher compared with their five-year averages, which will weigh on prices". Besides, EIA expects US crude oil production to increase through 2018, averaging 9.3 million b/d in 2017 and 10.0 million b/d in 2018. Currently, Iran is one of three OPEC countries that have not been asked to cut oil production.

The global benchmark crude traded at a premium of $2.29 to WTI. With the glut persisting, the outlook for oil prices has been dampened.

Crude inventories USOILC=ECI fell 2.5 million barrels in the week to June 16, surpassing analysts' expectations for a decrease of 2.1 million barrels, as imports USOICI=ECI rose marginally by 56,000 barrels per day, the U.S. Energy Information Administration said on Wednesday.

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Several more votes on the bill are scheduled in the Senate in the coming days before it can go to the House of Representatives. Amendment 232 has been attached to Bill 722 imposing sanctions against Iran, which the Senate is now debating.

Producers including Iraq, Saudi Arabia and Russian Federation "aggressively ramped up output in the run-up to the deal, fast-tracking projects, expanding drilling programs and deploying spare capacity", BMI said.

The official government report is scheduled to be published later. In light of the same global investors have become increasingly skeptical of the effectiveness of extension of output cut agreement through March 2018.

OPEC compliance with the output curbs in May was 108 percent, while non-OPEC compliance was 100 percent, the source said.

OPEC reported that overall compliance with the production cuts was running at 106% for May, although the overall data had little impact on sentiment.

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