Oil fell towards $69 on Wednesday, after surging more than 3 percent in the previous session on data that showed a surprise fall in US crude stocks, boosting hopes of demand recovery in the world's top energy user. The release of the more closely watched US Energy Information Administration (EIA) data later in the day could confirm the American Petroleum Institute's (API) bullish figures, and will determine the market's trading tone for the rest of the week.
By 0715 GMT, US crude for September delivery was up 2 cents at $69.21 a barrel, off an earlier session high of $70.50. London Brent crude for October was down 27 cents at $72.10. API data released late on Tuesday showed that US crude oil stockpiles fell last week by 6.1 million barrels, against forecasts for a 1.3 million barrel build. US distillate stocks rose by 1.5 million barrels, more than double what analysts had expected, while gasoline stocks fell less than forecast.
EIA figures will be released at 1430 GMT. The region is home to a quarter of US oil output and 15 percent of its natural gas production. Meanwhile, Kuwait sees no need for Opec to change oil supply targets at its meeting in September as the oil price is satisfactory, the country's oil minister said on Wednesday. Opec, supplier of over a third of the world's oil, meets on September 9 in Vienna to discuss supply policy.
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