Draw In crude inventories lifts oil prices

Angola falls back from leading oil production in Africa

Brent futures were up $1.03, or 1.8 percent, at $57.28 a barrel by 12:12 p.m. EDT (1612 GMT). The news alleviated investor concern that demand in the world's largest crude importer might be waning amid faltering economic growth.

USA president Donald Trump is also expected to make an announcement on the Iran nuclear deal, which is due for renewal this weekend.

Unrest in Iraq and the prospect of a tougher United States action on Iran nuclear deal also underpinned prices. But if Mr. Trump moves to disavow the deal or impose fresh sanctions on Iran it could undermine the country's export capacity. The central government has condemned the Kurds' late September independence referendum.

Oil slid as investors waited to see if USA government data will confirm that crude stockpiles rose last week, and as the International Energy Agency warned of a ceiling for prices next year.

Chinese import data "was well in excess of expectations and you've got an armed stand-off in Kurdistan", Eric Nuttall, a portfolio manager with Ninepoint Partners LP in Toronto, said by telephone.

"Until recently, market participants have underestimated geopolitical risk because the discussion was all about oversupply", said Giovanni Staunovo, commodity analyst at UBS Wealth Management.

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HG Research Independent Research Consultant Hans Goetti discusses the price and production of oil.

Global oil supply rose by 90,000 bpd in September to 97.5m bpd due to higher production from non-Opec countries.

Angola's production, based on direct communication, was 1.657 million barrels per day, a monthly drop of 23,000 barrels, with no data from Nigeria in this case.

There is "little doubt that the leading producers have recommitted to do whatever it takes to underpin the market and to support the long process of rebalancing", the IEA said in its report. Analysts and traders surveyed by The Wall Street Journal had projected a 1.7-million-barrel decrease.

US oil inventories slid for a third straight week and the chief of the International Energy Agency predicted worldwide supply will soon be in sync with demand, provided OPEC maintains ongoing output cuts.

Stephanie Yang contributed to this article.

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