* 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
(Updates with Brent settlement)
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 level since
1967.
U.S. crude <CLc1> fell 88 cents to settle at $105.73 per
barrel, and London Brent crude <LCOc1> fell 63 cents to $102.45
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 Matthew Lewis)
