Oil Prices climb after Industry data shows U.S. Stocks draw

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Oil prices rose early on Wednesday, after sharp losses in the previous session, as industry data showed a surprise draw in U.S. crude stocks, although worries over a lack of agreement among producers to curb output kept a lid on gains. 


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Crude futures fell about 3 percent on Tuesday after Iran rejected an offer from Saudi Arabia to limit its oil output in exchange for Riyadh cutting supply, dashing market hopes the two major OPEC producers would find a compromise this week to help ease a global glut of crude. Members of the Organization of the Petroleum Exporting Countries (OPEC) will hold informal talks at 1400 GMT on Wednesday. 

Its members are also meeting non-OPEC producers on the sidelines of the three-day International Energy Forum, being held in Algiers and which ends on Wednesday. "It looks increasingly likely that an agreement won't be reached in Algiers, with OPEC now working towards something at November's official meeting," ANZ said in a note on Wednesday.

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