Oil falls below $56 on signs of higher output

Russia cuts oil output by 346,000 bpd in Sept Novak

According to the median estimate in a Bloomberg survey, US oil inventories probably fell by 500,000 barrels last week.

"OPEC's average compliance rate slipped to 75% in July from nearly 100% at the beginning of the year, according to the International Energy Agency". Oil's loss also comes as "we've seem some decent dollar strength". Visit MarketWatch.com for more information on this news.

Oil futures fell Monday on increased OPEC production, the first uptick in USA oil rigs in seven weeks, and a stronger US dollar, though shares of oil majors Chevron (CVX) and BP (BP) remain near buy points.

"It's coming out that OPEC's oil output rose last month, another rise in the rig count".

"Falling prices probably affected the supply of energy carrier in the U.S. stronger than expected, this is while Libya and Nigeria are unlikely to significantly increase production volumes in the near future", he said.

Oil returned to a bull market last week on signs that rising demand and production cuts by the Organization of Petroleum Exporting Countries' and its allies are finally helping to cut into a global crude surplus.

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Crude stockpiles at a key storage hub in Cushing, Oklahoma, probably increased by 1.8 million barrels last week, according to a forecast compiled by Bloomberg.

Brent crude futures decreased by 0.37 percent and stood at $55.91, U.S. West Texas Intermediate (WTI) futures dropped by 0.24 percent was at $50.46, RIA Novosti reported. "The price remains in an uptrend above its 200-day average", wrote Colin Cieszynski, chief market strategist at CMC Markets in a Tuesday research note.

Crude oil prices on Wednesday continued to drift away from recent highs on signs the USA energy sector was returning to normal following recent hurricanes.

Demand for North Sea crude has risen by 5 percent year-on-year to around 1.74 million barrels per day in the first nine months of this year, according to Reuters trade flows data, which had helped tilt the forward market into backwardation.

The U.S. benchmark on Friday posted its strongest quarterly gain since the second quarter of 2016 and the longest streak of weekly gains since January.

As the United States heads into the fall, the end of driving season has many analysts forecasting a slower-paced drawdown for crude oil in the near future.

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