Oil prices mixed as OPEC's forecast relied on Investing.com's inventory data

Investing.com – US oil inventories fell more than expected last week, according to government statistics released on Wednesday, but oil prices struggled to recover after OPEC reduced its oil prices. demand forecasts.

The Energy Information Administration (EIA) has announced a drop of 6.9 million barrels for the week ended September 6th. Analysts were establishing around 2.7 million euros, according to forecasts compiled by Investing.com.

Oil futures jumped right after the report, but they quickly changed course. were stable at $ 57.40 at 11:08 am (15:08 GMT), up 0.45% to $ 62.66

"The draw goes back and forth, as the fall approaches," said Barani Krishnan, an analyst at Investing.com. "It's almost similar to last year, when we had a series of draws late in the summer. There is no certainty how long it will last.

0.68 million barrels, compared with a decrease of about 0.85 million barrels. increased 2.7 million barrels, compared with the forecast for a slight increase of 0.07 million.

In a monthly report, OPEC said global oil demand would rise by 1.08 million barrels a day in 2020, 60,000 b / d less than expected, and said the market would be in surplus.

(L) OPEC is again reducing demand prospects and the overthrow of John Bolton (as a national security advisor) on the possibility of an Iran deal likely to bring an additional 1 million bpd into the market . The bulls will need all the numbers benefits they can get, "said Krishnan.

In the report, OPEC lowered its global economic growth forecast to 3.1 percent in 2020 and said next year's surge in oil demand would be surpassed by "strong growth" in the global economy. supply of rival producers such as the United States.

production remained at 12.4 million barrels last week, the same as the previous week, said the EIA.

"The numbers (EIA) look good in all areas," added Krishnan. "Imports are down again, Cushing stocks are down by € 800,000, production is stable at a record 12.4 million bpd, and exports have risen nearly one year. quarter of bpd and remain well above the 3 million bpd mark. "

"The essence was just under expectations. The only disappointment is the distillates, where we built nearly 3 million bpd compared to stable forecasts. "

– Reuters contributed to this report.