Oil slips, as USA supply threatens to undermine OPEC cuts

The IEA estimates that there will be 50 million electric vehicles on the road by 2025

"Overall, the report is somewhat supportive because it was not as bearish as the previous API report last night - that is why we are slowly digging our way out of the downside seen earlier this morning", said Phil Flynn, senior energy analyst at Price Futures Group in Chicago.

Consumer price inflation minus food and energy rose slightly in October while retail sales were a bit higher, according to government data.

The U.S. Energy Information Administration report on oil inventories is due to be released on Wednesday at 10:30 a.m. EDT.

Brent crude oil was down 14 United States cents a barrel at US$61.73 by 1038 GMT. According to the EIA, domestic production rose to a record weekly high last week of 9.645 million barrels.

USA crude inventories added 1.9 million more barrels in the week to November 10, which was clearly different from analysts' forecast of a 2.2 million barrels decrease.

Oil ministers have signalled that they are likely to extend the agreement, possibly until the end of next year.

Oil has eased after reaching a two-year high last week on signs of tightening supplies and speculation the Organization of Petroleum Exporting Countries and its allies will extend output curbs past the end of March.

Pakistan using social media to lure Kashmiri youth to militancy
The IGP claimed that Pakistan has started a relentless social media campaign to lure youths to join militancy. He said there is already a policy for those Kashmiris "who had crossed over to Pakistan and married there".

The recent gains recorded by global oil prices have slipped as the commodity has lost more than $2 in seven days.

Overnight, crude oil settled lower for the third day amid ongoing concerns over rising U.S. output and build in crude stockpiles for the second week in row. The S&P Global Platts survey forecast supply declines of 1 million barrels for gasoline and 2 million barrels for distillates.

Demand prospects have also dimmed this week, further weighing on the market.

On Tuesday, the IEA cut its oil demand growth forecast by 100,000 barrels per day (bpd) for both 2017 and 2018.

OPEC is expecting that inventories would rapidly go down by 670,000 barrels a day through the year if they maintain the supply limit. But prices were still on track to fall almost 2 percent this week, as fears of oversupply in the United States weighed after government data showed output hit a record 9.65 million bpd last week.

Despite the three day consolidation, I think there is enough downside momentum to drive January WTI crude oil into its value zone at $54.62 to $53.78 and February Brent into $60.36 to $59.40.

Gasoline futures fell 1.3% to $1.7388 a gallon and diesel futures rose 0.1% to $1.9087 a gallon.

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