OTTAWA (dpa-AFX) - Crude oil futures were lower Tuesday following a report saying OPEC compliance with its supply quota plan was only 86% last month.
Fatih Birol, the executive director of the International Energy Agency (IEA), tells Reuters:
'Their compliance is about 86 percent, higher than in the past... whether or not they will continue with this plan in November it's up to them. If they do so, we may see, sometime next year, a rebalancing of the markets, as we still see a significant amount of stock in the markets which is higher than historical averages.
The American Petroleum Institute is out with its industry survey this afternoon, while the Energy Information Administration reports the government's figures Wednesday morning.
WTI light sweet crude oil was down 23 cents at $51.64 a barrel, easing from 3-week highs.
Prices have risen above $50 this month amid turmoil in the Middle East. The Iraqi government began a military assault on the independence efforts of the nation's Kurdish minority, disrupting supplies from some key oil fields.
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