* U.S. oil inventories seen falling on Ike disruptions
* OPEC Sept. supply seen down 800,000 bpd
* Stocks rise, uncertainty over U.S. bailout plan continues
(Updates prices, adds details on OPEC survey)
By Jane Merriman and Matthew Robinson
LONDON, Sept 24 (Reuters) - Oil rose more than $2 to over
$109 a barrel on Wednesday as concerns about U.S. fuel supply
and signs OPEC cut output in September outweighed anxiety about
the U.S. government's plan to rescue the finance industry.
U.S. crude <CLc1> traded up $2.22 to $108.83 a barrel by 1210
GMT, while London Brent crude <LCOc1> gained $2.30 to trade at
$105.38 a barrel.
Weekly U.S. government inventory data due later on Wednesday
is expected to show that crude stocks fell by 2 million barrels
-- the fifth consecutive week of declines -- due to disruptions
caused by Hurricane Ike, according to a Reuters poll. []
"There could be some improved sentiment but I suspect people
are largely being cautious ahead of the release of the EIA data
and don't want to be caught short," said David Moore, a
commodities analyst at the Commonwealth Bank of Australia.
Energy firms continued to work to restart production,
refineries and pipelines after Ike battered U.S. oil
infrastructure earlier this month. Six oil refineries in Texas
remained shut on Tuesday due to the hurricane. []
The disruptions have also drawn down fuel stockpiles, with
analysts forecasting data will show a 1.5 million barrel drop in
distillate stocks. Gasoline stocks are expected to have dropped
by 4 million barrels as Hurricane Ike forced the shut-down of
Gulf Coast refineries.
OPEC OUTPUT
Further support came 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 indicates 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 over $147 a
barrel struck in July as high fuel prices and mounting economic
problems curb demand in the United States and other top
consumers.
Fears the crisis in the financial sector could tip the
global economy into recession has weighed on oil and other
markets as well, as investors shed exposure to commodities for
safer havens.
World stocks gained on Wednesday and safe-haven government
bonds rose after Warren Buffett's investment in Goldman Sachs
<GS.N> failed to calm worries over the prospects for
Washington's $700 billion bank bailout scheme. []
Analysts are also eyeing whether the financial crisis could
begin to hit oil demand in emerging economies like China --
where booming consumption helped ignite a six-year rally in
commodities.
"Key emerging markets for commodities like China are also
seeing strains," said Harry Tchilinguirian, analyst at BNP
Paribas. "China faces a collapse in equity and property markets,
which adds further headwinds to its economy on top of slowing
demand for its manufactured products by advanced economies,"
Tchilinguirian said.
(Additional reporting by Fayen Wong in Perth, editing by
Anthony Barker)
