* U.S. oil demand running 5.3 percent below year ago
* World stocks fall on anxiety over U.S. bailout plan
* U.S. oil, fuel inventories drop on Ike disruptions
* OPEC September supply seen down 800,000 bpd
(Recasts, updates prices, quotes)
NEW YORK, Sept 24 (Reuters) - Oil dipped on Wednesday as concerns over
the U.S. economy and sliding fuel demand outweighed hurricane-related
supply disruptions that have pushed U.S. gasoline stockpiles to their
lowest since 1967.
U.S. crude <CLc1> fell 86 cents to $105.756 per barrel by 1720 GMT, and
London Brent crude <LCOc1> fell 42 cents to $102.66 a barrel.
The losses came after a U.S. government report showed nationwide oil
demand over the past four weeks running 5.3 percent below last year in the
midst of mounting economic turmoil in the world's largest fuel consumer.
Doubts over a sweeping $700 billion plan to rescue the U.S. economy
from a deepening housing crisis pushed down global markets, including
commodities. []
"Crude prices are down as people are taking profits, waiting for what
will happen next in the bid to enact a $700 billion bailout package for
distressed banks," said Mark Waggoner, president of Excel Futures in
Huntington Beach, California.
The losses came despite data from the U.S. Energy Information
Administration showing declines in nationwide crude oil and refined
products supplies in the wake of Hurricane Ike, which hobbled U.S. energy
operations.
U.S. refinery utilization fell to the lowest level on record in the
week through Sept. 19, according to U.S. government data, reflecting
shut-ins along the Gulf of Mexico caused by Hurricane Ike this month.
[]
Crude stocks tumbled by 1.5 million barrels, less than analyst
expectations for a 2-million-barrel fall, while gasoline stocks fell by 5.9
million barrels, compared with analyst forecasts for a 4-million-barrel
draw.
Distillate stocks were down 4.2 million barrels against calls for a
1.5-million-barrel drop.
"The impact of Hurricane Ike was in full force in this week's EIA data
as supplies across the board dropped rather sharply, a trend that should
continue over the coming weeks sending gasoline stocks to dangerously low
levels," said Chris Jarvis, senior analyst for Caprock Risk Management.
U.S. gasoline inventories have dropped to their lowest level since
1967, the EIA said Wednesday. []
Energy firms continued efforts to restart production at refineries and
pipelines after Ike battered U.S. oil infrastructure in the biggest hit to
the U.S. energy supplies since the 2005 hurricane season. []
OPEC OUTPUT
Prices drew some support from a report by Petrologistics that OPEC oil
supply fell by 800,000 barrels per day (bpd) in September due to lower
output from members including Saudi Arabia and Iran. []
The estimate suggested OPEC was starting to cut back supplies to levels
seen in July even before it agreed on Sept. 10 to trim output to official
targets to prop up prices.
"I think the Petrologistic numbers had an impact," said Olivier Jakob,
analyst for Petromatrix.
Oil prices have dropped from a record peak above $147 a barrel in July
as high fuel prices and mounting economic problems began to curb demand in
the United States and other top consumers.
(Reporting by Richard Valdmanis; Additional reporting by Matthew Robinson
and Jane Merriman in London and Fayen Wong in Perth; Editing by
John Picinich)
