* OPEC pumps 33.39 million bpd in Sept, highest in at least
* U.S. crude falls back below $50 on report of rising crude
By Henning Gloystein
SINGAPORE, Oct 13 Oil prices fell early on
Thursday after OPEC said that its production had risen to its
highest level in at least eight years and following reports of
an increase in U.S. crude stockpiles.
International Brent crude oil futures were trading
at $51.52 per barrel at 0016 GMT, down 29 cents, or 0.6 percent,
from their previous close.
U.S. West Texas Intermediate (WTI) crude futures were down
34 cents, or 0.7 percent, at $49.84 per barrel.
Traders said oil markets had come under pressure after
Organization of the Petroleum Exporting Countries (OPEC)
reported a rise in production, despite the producer cartel
having plans, potentially with non-OPEC producer Russia, to cut
output in a bid to rein in a global supply overhang.
"Crude responded predictably, with both Brent and WTI
falling," said Jeffrey Halley, senior market analyst at
brokerage OANDA in Singapore.
OPEC on Wednesday reported its oil production rose in
September to the highest in at least eight years and raised its
forecast for 2017 non-OPEC supply growth, pointing to a larger
surplus next year despite the group's deal to cut output.
The producer cartel pumped 33.39 million barrels per day
(bpd) last month, according to figures OPEC collects from
secondary sources, up 220,000 bpd from August.
"In the absence of any OPEC-Russia headlines to give crude
its daily adrenaline shot, the market looks nervously to the EIA
Crude Inventory figures due in the US this evening," Halley
The U.S. Energy Information Administration (EIA) is due to
publish official storage inventory data later on Thursday.
The American Petroleum Institute, a trade group, reported on
Wednesday that U.S. crude inventories rose by 2.7 million
barrels to 470.9 million barrels in the week to Oct. 7. This
would be the first rise in oil stocks following five straight
weeks of declines.
(Reporting by Henning Gloystein; Editing by Richard Pullin)