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Brent crude oil was virtually flat at $48.20 a barrel, heading for a near 10 percent fall this month.

Baker Hughes also reported a reduction in natural gas rigs, bringing total USA rigs were to a 13-year low.

Crude oil futures fell in early Asian trade on Wednesday after US inventories showed a weekly buildup that far exceeded analyst expectations.

– Reuters pic, September 23, 2015.Brent crude oil rose towards US$50 RM217) a barrel on Wednesday as a drawdown in U.S. crude oil stocks outweighed the negative impact of weak economic manufacturing data from China.

US benchmark crude West Texas Intermediate (WTI) was trading at $46.69 a barrel Thursday at 11:56 a.m. EDT.

“$1.5-trillion of uncommitted spend on new conventional projects and North American unconventional oil is uneconomic at $50 a barrel“, Woodmac added. In July, however, Federal Reserve Chair Janet Yellen said the Fed would raise rates this year if economic conditions...

The agency expects production to hit a low of 8.6 million barrels a day in mid-2016.

The lower CPI could lead to the Federal Reserve deciding to not raise interest rates this month.

The Saudi-led oil cartel said daily crude production outside of OPEC is likely to grow by 160,000 barrels next year, a figure 110,000 barrels lower than its estimate last month, largely because USA oil production is slipping faster than expected.

OPEC said it expected demand for its crude next year to average 30.31 million barrels per day (bpd), up 190,000 bpd from last month, despite slower demand growth overall due to a weaker outlook for Latin America and China.

Besides, higher supplies from the major producing areas and weak trend at overseas market weighed on crude palm oil prices.

Saudi policymakers insist the kingdom will maintain its market share and let low prices take care of the surplus by forcing cuts from higher cost producers and stimulating fuel demand.

Meanwhile, the spread between the Brent and the WTI crude contracts stood at 7.08 a barrel, compared to 6.88 by close of trade on Wednesday.

Brent oil closed at a $4.45 premium to West Texas Intermediate, the U.S. benchmark.

But sharp price falls are beginning to encourage demand and the IEA forecast world oil demand would grow by 1.6 million barrels per day this year, up 200 000 bpd from its previous estimate and the fastest pace in five years. At the Multi Commodity Exchange, crude oil for delivery...