Oil climbs on mixed US crude stocks data

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USA crude futures fell 0.8% to $60.23 a barrel, with Brent crude down 0.8% at $64.15.

Brent crude futures LCOc1 were at $64.47 per barrel, down 17 cents, or 0.26 percent.

U.S. crude inventories probably expanded by 2.5 million barrels in the week through March 9, according to a Bloomberg survey before EIA data today. That compared with analysts' expectations for an increase of 2 million barrels.

On Monday, the EIA said production from major USA shale formations should rise by 131,000 barrels per day in April vs. the previous month to an all-time high of 6.95 million bpd.

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Oil slid toward $60/bbl in NY as US crude inventories rose the most since January and production continued inexorably higher.

Longer term, the International Energy Agency expects USA shale to cover 80% of the additional oil demand the world will see through 2020 and 60% by 2023, as Permian production doubles.

"The current healthy momentum in the global economy, together with the efforts undertaken by the OPEC and non-OPEC oil producing countries.is supporting the rebalancing of the oil market fundamentals", the report said. The result has been a decline in global crude inventories, which has contributed to higher oil prices. That's nearly a 1-million bpd rise in just a bit over two months.

USA bank Goldman Sachs said in a note that there was a "potentially large increase in (U.S.) drilling activity in coming weeks".

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"We are now only two to four weeks away from when weekly oilinventory data will start to draw again which should besupportive for oil prices", SEB commodities strategist BjarneSchieldrop said.

OPEC also said oil inventories across the mostindustrialized countries rose in January for the first time ineight months, a sign the impact of its output cuts may bewaning.

Estimates by the EIA show global supplies will exceed 100 million bpd for the first time in the second quarter of 2018, while demand will only break through that level in the third quarter, implying a slightly oversupplied market.

Official weekly US crude oil production and inventory figures are due to be published by the Energy Information Administration (EIA) later on Wednesday.

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That would be a reversal from a supply deficit in 2017 and early 2018.

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