Oil falls on United States crude stock rise, Venezuela warning

Venezuela - which has often said a deal is close - is desperate for that as its state-led economy has been badly hit by low oil prices caused by more supply than demand. "If the EIA confirms (the data), that means USA oil supply has fallen close to 21 million barrels over the last three weeks".

"We are still very well supplied for this time of year", Tariq Zahir, trader in crude oil spreads at Tyche Capital Advisors in NY, said referring to total USA crude stocks that stood record seasonal peaks of almost 505 million barrels.

November futures rose by as much as 2.5 percent in NY.

U.S. West Texas Intermediate (WTI) crude for October delivery Clc1 closed up 14 cents at $43.44. Opec plans to hold informal talks with competitor Russian Federation in Algiers, fanning speculation that producers may agree on an output cap to shore up prices.

OPEC probably won't clinch a deal to limit production in Algiers as members stay focused on either boosting output or defending their respective slices of the market, according to a Bloomberg survey. OPEC ministers can transform the gathering into an extraordinary meeting since they'll all be present, Algerian Energy Minister Noureddine Bouterfa said on public radio.

However, many analysts are still not sure about a deal between the oil producing giants and expects the prices to drop further in the upcoming days.

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In choppy trading conditions, there were net gains for crude prices during the U.S. session on Tuesday with prices breaking above the $44.0 p/b level.

OPEC will hold an informal meeting after the closing session of the International Energy Forum conference in Algiers on the afternoon of September 28, Bouterfa said on public radio.

"Today has become "Big Wednesday" for oil traders, with not only the FOMC but also the EIA crude inventory numbers out ..."

Tuesday's API report will be followed by the EIA's (U.S. Energy Information Administration) weekly crude oil inventory report for the week ending September 16, 2016, on September 21, 2016, at 10:30 AM EST.

Oil prices rose in Asia today as traders awaited the release of USA energy stockpiles data and a USA central bank decision on interest rates. Brent crude rose to $46.72 a barrel.

A possible deal may last for one year, the secretary-general of OPEC said on Tuesday, longer than other officials have indicated.

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