* U.S. oil, fuel inventories drop on Ike disruptions
* OPEC September supply seen down 800,000 bpd
* World stocks fall on anxiety over U.S. bailout plan
(Updates prices, adds U.S. inventory data)
By Jane Merriman and Matthew Robinson
LONDON, Sept 24 (Reuters) - Oil rose on Wednesday as concern
about U.S. fuel supplies and signs OPEC cut output in September
outweighed doubts about the U.S. government's plan to rescue the
finance industry.
U.S. crude <CLc1> traded up $1.35 to $107.96 a barrel by 1513
GMT, while London Brent crude <LCOc1> gained $1.36 to trade at
$104.44 a barrel.
U.S. refinery utilisation 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, below analyst
expectations of a 2-million-barrel fall, while gasoline stocks
fell by 5.9 million barrels, compared with analyst expectations
of 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.
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 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 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.
Fears the crisis in the financial sector could tip the
global economy into recession have also weighed on oil and other
markets.
World stocks slipped back and government bonds firmed on
Wednesday after Warren Buffett's investment in Goldman Sachs
<GS.N> failed to erase anxiety over the prospects for
Washington's $700 billion bank bailout. []
(Additional reporting by Fayen Wong in Perth; editing by
Christopher Johnson)
