Oil rises on signs of tighter market

"Taking 2018 as a whole, oil demand and non-Opec production will grow by roughly the same volume and it is this current outlook that might act as the ceiling for aspirations of higher oil prices", the agency said.

In worldwide markets, Brent crude futures were at $56.51, up 26c or 0.5%.

The global crude market will rebalance next year if the Organisation of the Petroleum Exporting Countries (Opec) holds output at current levels - but oil prices are not expected to rise in 2018, a new forecast has suggested.

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West Texas Intermediate for November delivery was at $50.82 a barrel on the New York Mercantile Exchange, down 48 cents, at 10:59 a.m.in London.

Crude inventories fell by 2.7 million barrels in the week to October 6, compared with analysts' expectations for a decrease of 2 million barrels.

The forecasts assume that Libya and Nigeria's production will remain at current levels and USA shale output will expand by no more than 500,000 barrels a day next year, two of the people said. Distillate stocks fell by 1.5 million barrels, short of expectations for a drop of 2.2 million barrels.

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OPEC estimated that stockpiles in developed nations were still about 171 million barrels above that average in August, but expected trends in supply and demand will eliminate the surplus in about a year, the people said, asking not to be identified because the information isn't public.

"The rebalancing of the oil market has made significant progress over this time, although there is still some way to go to get back to the five-year average", said William O'Loughlin, investment analyst at Australia's Rivkin Securities.

Crude production slipped by 81,000 barrels a day to 9.48-million barrels a day.

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