Saudi Aramco steps up investor push with $75bn dividend plans

27 shows Iran's President Hassan Rouhani speaking to the media after his arrival from New York where he attended the United Nations General Assembly summit at the Mehr Abad airport in Teheran

Oil prices fall as China's economic outlook still weak

Yet as the new quarter beckons we are seeing more signs of OPEC production restraint as well as signs that USA oil output might sputter.

But prices found some support from American Petroleum Institute (API) data which showed United States crude stocks fell last week by 5.9 million barrels, against expectations for an increase of 1.6 million barrels.

Brent crude futures LCOc1 lost 49 cents, or 0.8%, to $58.76 a barrel by 12:31 p.m. EDT (1631 GMT), while U.S. West Texas Intermediate crude CLc1 shed 67 cents, or 1.2%, to $53.40.

Analysts had expected a relatively modest build, of 1.57 million barrels, after a week earlier the EIA reported a build of 2.4 million barrels.

Oil rebounded from several days of falling prices after industry data showed a surprise drop in inventories and offset weak economic readings in the United States that have depressed global stock markets.

Oil prices fell more than 1% yesterday after Saudi Arabia's crown prince said war with Iran would destroy the world economy and hinted instead at a non-military solution. The efforts to make Aramco a more appealing investment and guarantee demand for shares come amid skepticism that the prince's valuation is attainable.

The attacks last month hit at the heart of the Saudi energy landscape, targeting an oil processing facility - the world's largest - as well as an oilfield in the Eastern Province, taking out 5.7 million bpd or 5% of global supply.

"The Russian Federation has been supportive of Iran, wholeheartedly, trying to minimize the negative impacts and risks that are confronting the global energy market", he added.

"Oil has been unbelievable everyone over the last couple of weeks, having surged on the back of the attack on the Saudi oil facilities before reversing the entirety of these gains, despite the country temporarily losing half its output", said Craig Erlam, analyst at Oanda trading group.

He added that Nigeria hoped to raise oil production to about three million bpd in the next two to three years.

The agency's latest report extends two weeks of consecutive inventory builds. He pledged Russian Federation would remain a major player in OPEC+, the alliance between the Organization of the Petroleum Exporting Countries and other oil-producing nations, which has cut output by 1.2 million barrels per day.

Commenting on the attack on the Saudi oil facilities, which sent oil prices soaring and flared tensions in the region, Zanganeh said the issue should not be addressed by lifting political pressure on Tehran.

Demand for refined products also helped underpin support for crude oil markets due to some disruptions to the Kingdom's refining system, which in turn boosted refinery profitability across Asia.

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