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"Investors covered short positions ahead of the OPEC+ meeting amid worries over supply disruption from Kazakhstan," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities. OPEC+ is due to hold an online ministerial meeting on Thursday to discuss 2024 production targets, after delaying the meeting from Nov. 26. The talks will be difficult and a rollover of the previous agreement is possible rather than deeper production cuts, four OPEC+ sources said. Kazakhstan's largest oilfields are cutting combined daily oil output by 56% from Nov. 27, the Kazakh energy ministry said. Meanwhile, U.S. crude oil inventories fell by 817,000 barrels last week, according to market sources citing American Petroleum Institute figures.

Persons: Turar, Hiroyuki Kikukawa, Warren Patterson, Ewa Manthey, Brent, Yuka Obayashi, Muyu Xu, Lincoln, Kim Coghill Organizations: REUTERS, Rights, Brent, . West Texas, of, Petroleum, NS, Nissan Securities, ING, Federal Reserve, American Petroleum Institute, Reuters, Weekly U.S, Thomson Locations: Mangystau, Kazakhstan, Rights TOKYO, SINGAPORE, Russia, OPEC, Kazakh

Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsSept 13 (Reuters) - Oil rose on Wednesday, firming its ground near a 10-month peak reached during trading a day earlier, as the market balanced supply concerns over Libya output and OPEC+ cuts with global macroeconomic headwinds. But U.S. crude oil, distillate and gasoline stockpiles rose last week, according to market sources citing American Petroleum Institute (API) figures on Wednesday. Crude stocks rose by about 1.2 million barrels in the week ended Sept. 8, against analysts estimate of a draw of about 1.9 million barrels. Gasoline inventories rose by about 4.2 million barrels, while distillate inventories rose by about 2.6 million barrels.

Persons: Agustin Marcarian, Satoru Yoshida, Yoshida, Izvestia, Nikolai Shulginov, Brent, Yuka Obayashi, Muyu Xu, Stephen Coates, Jamie Freed, Miral Organizations: REUTERS, Brent, U.S, West Texas, OPEC, U.S . Energy, Rakuten Securities, Libya, of, Petroleum, Energy, American Petroleum Institute, Federal Reserves, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Libya, China, Saudi Arabia, Russia, OPEC

Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. A bigger-than-expected draw in U.S. crude oil inventories lent muted support to oil prices. Crude inventories fell by 6.3 million barrels, triple the 2.1 million-barrel drop that analysts expected. Despite its pledge to maintain supply cuts, Russia is expected to boost its oil exports in September as Russian refineries start seasonal maintenance, Reuters calculations based on sources' data show, which is also curbing price gains. Reporting by Yuka Obayashi and Muyu Xu; Editing by Jamie Freed and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Nick Oxford, Brent, Priyanka Sachdeva, Phillip Nova, Tatsufumi Okoshi, WTI, Yuka Obayashi, Muyu Xu, Jamie Freed, Miral Organizations: Midland , Texas U.S, REUTERS, Rights, U.S, West Texas, Investors, Nomura Securities, Energy, Thomson Locations: Midland , Texas, Rights TOKYO, SINGAPORE, Saudi Arabia, Russia, China

TOKYO/SINGAPORE, July 5 (Reuters) - Oil benchmark Brent fell on Wednesday, reversing some of the gains made after Saudi Arabia and Russia announced they would extend and deepen output cuts into August, as concerns over a global economic slowdown weighed on market sentiment. Brent was down 46 cents, or 0.6%, at $75.79 a barrel by 0704 GMT, after climbing $1.60 on Tuesday. Investors remained concerned about oil demand, however, after business surveys showed a slump in global factory activity because of sluggish demand in China and in Europe. "The trajectory of global oil stockpiles may soon become as relevant as OPEC+ supply cuts and macro headwinds given the International Energy Agency's outlook for a tightening oil market in H2 2023," analysts from Commonwealth Bank of Australia said in a note. Reporting by Yuka Obayashi in Tokyo and Muyu Xu in Singapore; Editing by Sonali Paul and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Brent, Tomomichi Akuta, Yuka Obayashi, Xu, Sonali Paul, Muralikumar Organizations: . West Texas, Mitsubishi UFJ Research, Consulting, Federal, Market, U.S, of, Petroleum, Investors, Traders, American Petroleum Institute, Reuters, International Energy, Commonwealth Bank of Australia, Thomson Locations: TOKYO, SINGAPORE, Saudi Arabia, Russia, ., Monday's, U.S, United States, Europe, China, Algeria, OPEC, Tokyo, Singapore

TOKYO/SINGAPORE, Jan 25 (Reuters) - Crude oil prices inched higher on Wednesday as optimism for a demand recovery in China and expectations that major producers will maintain current output policy offset global recession worries. U.S. West Texas Intermediate (WTI) crude climbed 7 cents, or 0.1%, to $80.20, after a 1.8% drop on Tuesday. An OPEC+ panel is likely to endorse the producer group's current oil output policy when it meets next week, five OPEC+ sources said on Tuesday, as hopes for higher Chinese demand are balanced by worries over inflation and the global economy. OPEC+ in October decided to trim output by 2 million barrels per day from November through 2023 on a weaker economic outlook. However, gains in oil prices were capped by a bigger-than-expected build in U.S. oil inventories that was reported after the market settled on Tuesday.

TOKYO/SINGAPORE, Jan 25 (Reuters) - Crude oil edged up on Wednesday as optimism for demand recovery in China and a likely unchanged output cut decision by major oil producers offset global recession worries. Brent crude rose 22 cents, or 0.3%, to $86.35 per barrel by 0501 GMT after falling 2.3% in the prior session. An OPEC+ panel is likely to endorse the producer group's current oil output policy when it meets next week, five OPEC+ sources said on Tuesday, as the hopes for higher Chinese demand are balanced by worries over inflation and the global economy. OPEC+ in October decided to trim output by 2 million barrels per day from November through 2023 on a weaker economic outlook. However, gains in oil prices were capped by a bigger-than-expected build in U.S. oil inventories that was reported after the market settled on Tuesday.

China held a news conference on COVID prevention and control measures at 3 p.m. (0700 GMT) on Tuesday amid record COVID infections and protests in Shanghai and Beijing. read moreAsian shares also rallied as unsubstantiated rumours swirled that the unrest might prompt a loosening of the COVID restrictions. OPEC+ started to lower its output target by 2 million barrels per day (bpd) in November, aiming to shore up oil prices. Markets are also assessing the impact of an upcoming Western price cap on Russian oil. read moreThe price cap is due to come into effect on Dec. 5, when an EU ban on Russian crude also takes effect.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known as OPEC+, are set to hold a meeting on Dec. 4. Analysts at Eurasia Group suggested in a note on Monday that weakened demand out of China could spur OPEC+ to cut output. OPEC+ started to lower its output target by 2 million barrels per day (bpd) in November, aiming to shore up oil prices. read moreMarkets are also assessing the impact of an upcoming Western price cap on Russian oil. read moreThe price cap is due to come into effect on Dec. 5, when an EU ban on Russian crude also takes effect.

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