* U.S. crude stocks down 2.07 mln bbls - EIA
* Cushing up 508,000 bbls - EIA
* North Sea Buzzard field expected back on line Thursday
* Saudi June crude exports fall to lowest in nearly 3 years
(Updates prices to settlement)
By Anna Louie Sussman
NEW YORK, Aug 27 Crude oil futures settled flat
after choppy trading on Wednesday, following a report that
showed declining U.S. gasoline demand in the world's top oil
consumer and a build at the key Cushing, Oklahoma, storage hub.
In its weekly report, the U.S. Energy Information
Administration said U.S. crude oil stocks fell by a
greater-than-expected 2.07 million barrels last week, but
inventories at Cushing, the delivery point for U.S. crude
futures, rose 508,000 barrels. The four-week average for
gasoline demand fell by 1.4 percent year-over-year.
U.S. crude failed to break through Tuesday's lows or highs,
testing resistance at both ends in what traders call an "inside
"The market is rangebound here and there's no catalyst to
drive it out either way, so we're finishing the session more or
less unchanged," said Bill Baruch, senior market strategist at
iitrader.com in Chicago.
U.S. crude rose 2 cents to settle at $93.88 a barrel
after settling 51 cents higher on Tuesday on stronger U.S.
Brent crude for October delivery rose by 22 cents to
settle at $102.72 a barrel, after swinging by $1 between $102.05
Oil benchmarks on both sides of the Atlantic have fallen by
more than 10 percent since mid-June and remain on track to post
a second monthly fall against a backdrop of lower U.S. imports
and slowing growth in China and Europe.
Traders were watching to see whether the Buzzard oilfield in
the North Sea, one of the biggest contributors to physical
supplies underpinning Brent futures contracts, would return
quickly after shutting again for additional maintenance.
Industry sources said the field was due to resume exports on
Thursday after output was stopped for work on a drilling rig. It
had restarted Monday after being shut for maintenance since
Global oil supplies have been ample for much of the summer,
capping price gains spurred by violence in OPEC members Iraq and
Conflict with Islamic State militants in northern Iraq has
not prevented oil exports from the south from holding at
substantial levels, while Libya's exports have risen despite
month-long clashes between rival militias.
In Europe, Ukrainian President Petro Poroshenko promised
after negotiations with Russia's Vladimir Putin to work on a
ceasefire plan to defuse the separatist conflict in the east of
Any significant moves toward a truce between Kiev and two
rebel eastern regions could mean an eventual move toward ending
sanctions on Russia, the world's second-largest oil exporter.
Saudi crude exports fell in June to their lowest levels in
almost three years as oil use in its power sector rose, official
data showed, though industry sources say OPEC's largest producer
raised output in July.
(Additional reporting by Robert Gibbons in New York, David
Sheppard in London and Florence Tan in Singapore; Editing by
Marguerita Choy and Tom Brown)