Oil futures mostly flat ahead of OPEC's meeting

Oil futures tilted higher in American trade as the dollar index bounded off the highest since September 5, following earlier data from the US, the world's largest energy consumer, and ahead of OPEC's meeting tomorrow in Vienna.

As of 04:43 GMT, US crude futures due on October 15 rose 0.02% to $50.70 a barrel from the opening of $50.69, while Brent crude futures due on November 15 advanced 0.04% to $56.30 a barrel from the opening of $56.28, as the dollar index shed 0.15% to 91.38 from the opening of 92.51. 

Now markets look forward to the Organization of Petroleum Exporting Countries (OPEC) meeting tomorrow in Vienna to gather clues about the future of the deal to cut global output by 1.8 million bpd until March, after mixed statements from ministers, with the Kuwaiti side saying that OPEC didn't look into extending the deal this week, while Algerian energy minister said the extension will be discussed in the meeting. 

Otherwise, earlier US data showed a drop in unemployment claims, while the Philly manufacturing index widened unexpectedly in September, as the house price index accelerated below expectations in July.  

Yesterday, Federal Reserve policymakers voted to hold overnight interest rates unchanged at between 1.00% and 1.25% in line with expectations in today's Federal Open Market Committee meeting, while announcing the start of the process to normalize the balance sheet from October.  

On Wednesday, the Energy Information Administration released its report on US crude stocks, showing a buildup of 4.6 million barrels in the week ending September 15, adding to the 5.9M buildup in the previous reading, while analysts expected a 2.8M rise, with total stocks now reaching 472.8 million barrels, remaining within the uppermost range on average in this time of year.  

Otherwise, gasoline stocks in the world's largest energy consumer fell 2.1 million barrels, also remaining within the uppermost range on average in this time of year, while distillate stocks, including heating fuel, tumbled 5.7 million barrels, moving into the lower range on average in this time of year.