October 1, 2019 / 1:46 AM / 20 days ago

U.S. oil rebounds on lower output from U.S., Russia, OPEC

SINGAPORE, Oct 1 (Reuters) - U.S. crude futures rebounded in early Asian trade on Tuesday after production at the world’s largest oil producers fell in the third quarter, partly recovering from a more than 3% drop in the previous session.

U.S. West Texas Intermediate crude was up 45 cents, or 0.7 percent, at $54.52 a barrel by 0127 GMT.

Output from the Organization of the Petroleum Exporting Countries and Russia fell in September while production from the United States dropped for a third month in July.

OPEC’s output fell to the lowest in eight years in September at 28.9 million barrels per day (bpd), down 750,000 bpd from August’s revised figure and the lowest monthly total since 2011, a Reuters survey found.

Saudi Aramco has restored full oil production and capacity to the levels they were at before attacks on its facilities on Sept. 14, the head of its trading arm said on Monday. Saudi Arabia pumped about 9.78 million bpd in August.

Russia’s output declined to 11.24 million bpd in Sept. 1-29, down from 11.29 million bpd in the previous month, sources said, although it’s still above the quotas set in an output deal between Russia and OPEC.

U.S. crude oil output fell 276,000 bpd in July to 11.81 million bpd as federal offshore Gulf of Mexico production slid, according to a U.S. Energy Information Administration monthly report released on Monday.

Output at the world’s biggest oil producer peaked at 12.12 million bpd in April.

Oil prices are likely to remain steady, with Brent averaging $65.19 a barrel and WTI $57.96 in 2019, as flagging demand outweighs supply shocks, a separate Reuters survey showed. (Reporting by Florence Tan; editing by Richard Pullin)

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