China's August imports of Iranian oil up 59%

Brent weekly chart

At a conference in Riyadh, Saudi Arabia announced it was determined to end the oil glut and do whatever it took to bring global inventories down to normal levels.

Market participants also await data from industry group American Petroleum Institute (API) and the U.S. Department of Energy's Energy Information Administration (EIA) later in the week for clues on the pace of rebalancing. Production rebounded from a falloff due to Hurricane Nate, and imports rose.

Brent crude futures were down 20 cents at $58.13 a barrel, having closed up 96 cents or 1.7% on Tuesday. U.S. West Texas Intermediate crude dropped 29 cents to $52.18.

Data from the American Petroleum Institute on Tuesday showed United States crude stocks rose by 519,000 barrels last week, compared with analysts' expectations for a decline of 2.6 million barrels.Gasoline inventories fell by 5.8 million barrels, compared with analysts' expectations for a 17,000-barrel decline.

Net bullish bets on Crude Oil rose to 429,500, according to a report from the Commodity Futures Trading Commission (CFTC) on Friday.

More news: South Africa complete 3-0 whitewash over Bangladesh by 200 runs

"Demand has been a little stronger than some people might have anticipated as we pushed out of the driving season, and that's where today's strength is coming from", said Gene McGillian, manager of research at Tradition Energy in Stamford, Conn.

The Organization of the Petroleum Exporting Countries, plus Russian Federation and nine other producers, have cut oil output by about 1.8 million barrels per day (bpd) since January. OPEC's next meeting is on November 7 in Vienna, Austria, when they will consider extending the deal.

In September Opec and non-Opec countries achieved the highest compliance on planned cuts since the deal kicked off in January - at a rate of 120% - helping reduce oil stocks further at Organisation for Economic Co-operation and Development (OECD) nations, Opec said. Figures released by Reuters showed that Iran exported as much as 3.22 million tonnes - or 784,000 barrels per day (bpd) - to Asia's largest and world's second top consumer last month.

Iraq could still boost southern exports throughout the rest of October and plans to do so. The Kurdish authorities offered on Wednesday to suspend their independence drive.

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