U.S. crude stockpiles fell 553,000 barrels last week, the U.S. Energy Information Administration (EIA) said, compared with the 1.7 million-barrel build analysts polled by Reuters forecast. But the rebound was limited by doubts about whether the Organization of the Petroleum Exporting Countries (OPEC), which meets Nov. 30 in Vienna, will succeed in its planned production cut. "We've seen bullish information," he said of the optimistic comments from some producers on OPEC's planned production cut. U.S. West Texas Intermediate (WTI) crude slid 78 cents, or 1.6 percent, to $49.18. Iran, Libya, Nigeria and Venezuela are expected to be exempted from OPEC's planned production cut, which seeks to cut about 700,000 barrels per day (bpd) from an estimated glut of 1.0 million to 1.5 million bpd.

Source: The Edge Markets October 26, 2016 20:26 UTC