* EIA cuts 2019 global oil growth forecast by 160,000 bpd
* U.S. crude stocks unexpectedly rise last week - API
* OPEC members close to keeping supply cuts - UAE minister
By Jane Chung
SEOUL, June 12 (Reuters) - Oil prices fell on Wednesday, weighed
down by a weaker oil demand outlook and a rise in U.S. crude
inventories despite growing expectations of ongoing OPEC-led supply cuts.
Brent crude futures , the international benchmark for oil
prices, were down 76 cents, or 1.22%, at $61.53 a barrel by 0036 GMT.
U.S. West Texas Intermediate (WTI) crude futures were down 79
cents, or 1.3%, at $52.58 per barrel.
The U.S. Energy Information Administration (EIA) cut its forecasts
for 2019 world oil demand growth and U.S. crude oil production in a
monthly report released on Tuesday.
It reduced its 2019 world oil demand growth forecast by 160,000
barrels per day (bpd) to 1.22 million bpd, although it also wound back
its forecast for 2019 U.S. crude production to 12.32 million bpd,
140,000 bpd less than the May forecast.
A surprise rise in U.S. crude stockpiles also kept oil prices
"Investors have been concerned about the recent rise in
stockpiles in the U.S.," ANZ bank said in a note.
U.S. crude inventories unexpectedly rose by 4.9 million barrels in
the week ended June 7 to 482.8 million barrels, according to data from
the American Petroleum Institute (API) on Tuesday. That compared with
analysts' expectations for a decrease of 481,000 barrels.
Official data from the Energy Information Administration (EIA) is
due at 10:30 a.m. EDT (1430 GMT) on Wednesday.
With the next OPEC meeting few weeks away, the market is eyeing
whether the world's major oil producers would prolong their supply
The Organization of Petroleum Exporting Countries (OPEC) and some
non-members including Russia, have limited their oil output by 1.2
million barrels per day since the start of the year in a bid to prop
UAE Energy Minister Suhail bin Mohammed al-Mazroui said on Tuesday
that OPEC members were close to reaching an agreement on continuing
OPEC is set to meet on June 25, followed by talks with its allies
led by Russia on June 26. But Russia suggested a date change to July
3-4, sources within the group previously told Reuters.
(Reporting By Jane Chung; editing by Richard Pullin)
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