Oil under pressure as output rises weigh

Investing.com - Oil was under some pressure Thursday in volatile trade after gains overnight on a larger-than-expected draw in U.S. crude stocks in the latest week. U.S. crude was off 2 cents, or 0.04% at $45.47 at 08:30 ET. Brent shed 12 cents, or 0.25%, to $47.62. The International Energy Agency Thursday estimated OPEC compliance with agreed output cuts fell to its lowest level in six months.The IEA estimated compliance slipped to 78% in June from 95% in May. The agency noted a rise in output by Nigeria and Libya, which have been exempt from output cuts.In its monthly report Wednesday, OPEC reported a rise in output of 393,000 barrels per day in June. OPEC and non-OPEC producers have agreed to curb output by 1.8 million barrels a day.Oil settled higher overnight as the Energy Information Administration Wednesday reported a fall in U.S. crude inventories of about 7.6 million barrels. That was the biggest fall in about 10 months. Crude stocks were forecast to fall by 2.85 million barrels. The IEA noted waning market confidence in re-balancing in the oil market.