World oil prices rose today as traders awaited the release of US energy stockpiles data and a US Federal Reserve decision on interest rates.
US benchmark West Texas Intermediate for November delivery, a new contract, pushed 84 cents higher at $44.89 per barrel, while North Sea Brent oil for November increased 73 cents at $46.61 a barrel.
Two factors being closely watched this week are the Federal Reserve's decision on US interest rates and stockpile numbers to be released by the US Energy Information Administration (EIA), dealers said.
A move by the Fed's policy-setting committee to raise interest rates will likely boost the dollar and make oil more expensive for holders of other currencies, denting demand and prices.
Most commentators, however, expect the US Fed to keep borrowing costs at current levels.
Analysts also forecast the weekly US commercial crude inventories to register a significant increase, which would further add to stubborn supply glut concerns.
Market expectations are for US commercial crude reserves to have jumped by 3.25 million barrels in the week to September 16, according to analysts polled by Bloomberg News.
Meanwhile, the first crude shipment from Libya in two years had no immediate impact on prices a week before OPEC producers and Russia meet in Algeria to discuss ways to stabilise prices.
An oil tanker left the Libyan port of Ras Lanouf for Italy yesterday, in the first shipment since late 2014 when fighting erupted over control of the "oil crescent", an official said.
In a separate development, Russia revealed today that its oil production hit a record level of more than 11 million barrels per day (mbpd) earlier this month.
The announcement, made by deputy energy minister Kirill Molodtsov, was reported by Russian news agencies.
News of Russia's unprecedented monthly oil output comes one week before the country will meet with the OPEC producers' group in Algeria to discuss ways to stabilise prices.
That may include a deal to freeze or cut production, although there are conflicting signals such an agreement can be reached.
