TOKYO, Sept 12 Oil prices extended declines on
Monday amid projections that U.S. data is set to show a big
rebound in crude inventories to offset an unexpected slump due
to the impact of a tropical storm.
London Brent crude for November delivery was down 49
cents, or 1.0 percent, at $47.52 a barrel by 2246 GMT on Sunday
after settling down 4 percent on Friday.
NYMEX crude for October delivery was down 60 cents,
or 1.3 percent, at $45.28 a barrel, after closing down 3.7
percent on Friday.
Oil's decline over the past two days erased gains of more
than 4 percent on Thursday, which were triggered after U.S.
government data showed the biggest weekly drop in stockpiles
since January 1999. However, traders said imports fell as ships
delayed offloading cargoes due to Tropical Storm Hermine.
Algeria's energy minister said there is a consensus among
OPEC and non-OPEC members about the need to stabilise the oil
market to support prices, state news agency APS reported on
OPEC Secretary-General Mohammed Barkindo told APS that OPEC
was not seeking a definite price range for oil but rather
"sustainable stability" for the market.
Moves towards clinching a global deal on stabilising crude
output come five months after talks for such a deal failed when
Saudi Arabia insisted Iran join the pact.
Tehran says it supports any measures to stabilise the
market, but has stopped short of indicating whether it would
join a global deal before its production reaches 4 million
barrels per day, the level at which it says it was pumping
before the imposition of Western sanctions in 2012.
Forces loyal to eastern Libyan commander Khalifa Haftar took
control of key oil ports in Ras Lanuf, Es Sider and Brega on
Sunday, a spokesman for the forces said.
But an official from the force that previously controlled
the ports, the Petrol Facilities Guard, said there was still
fighting at Ras Lanuf.
U.S. drillers added oil rigs for a 10th week in the past 11,
according to the closely followed Baker Hughes rig count report
on Friday. It was the longest streak without rig cuts since
Money managers cut their net long U.S. crude futures and
options positions in the week to Sept. 6 for the second
consecutive week, the U.S. Commodity Futures Trading Commission
(CFTC) said on Friday.
(Reporting by Osamu Tsukimori; Editing by Richard Pullin)