Oil falls on weaker oil demand growth, surprise rise in U.S. crude stocks

* EIA cuts 2019 global oil growth forecast by 160,000 bpd
* U.S. crude stocks unexpectedly rise last week - API
* OPEC members close to keeping supply cuts - UAE minister

By Jane Chung
SEOUL, June 12 (Reuters) - Oil prices fell on Wednesday,
weighed down by a weaker oil demand outlook and a rise in U.S.
crude inventories despite growing expectations of ongoing
OPEC-led supply cuts.
Brent crude futures LCOc1 , the international benchmark for
oil prices, were down 76 cents, or 1.22%, at $61.53 a barrel by
0036 GMT.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were
down 79 cents, or 1.3%, at $52.58 per barrel.
The U.S. Energy Information Administration (EIA) cut its
forecasts for 2019 world oil demand growth and U.S. crude oil
production in a monthly report released on Tuesday. It reduced its 2019 world oil demand growth forecast by
160,000 barrels per day (bpd) to 1.22 million bpd, although it
also wound back its forecast for 2019 U.S. crude production to
12.32 million bpd, 140,000 bpd less than the May forecast.
A surprise rise in U.S. crude stockpiles also kept oil
prices under pressure.
"Investors have been concerned about the recent rise in
stockpiles in the U.S.," ANZ bank said in a note.
U.S. crude inventories unexpectedly rose by 4.9 million
barrels in the week ended June 7 to 482.8 million barrels,
according to data from the American Petroleum Institute (API) on
Tuesday. That compared with analysts' expectations for a
decrease of 481,000 barrels. API/S
Official data from the Energy Information Administration
(EIA) is due at 10:30 a.m. EDT (1430 GMT) on Wednesday.
With the next OPEC meeting few weeks away, the market is
eyeing whether the world's major oil producers would prolong
their supply cuts.
The Organization of Petroleum Exporting Countries (OPEC) and
some non-members including Russia, have limited their oil output
by 1.2 million barrels per day since the start of the year in a
bid to prop up prices.
UAE Energy Minister Suhail bin Mohammed al-Mazroui said on
Tuesday that OPEC members were close to reaching an agreement on
continuing production cuts. OPEC is set to meet on June 25, followed by talks with its
allies led by Russia on June 26. But Russia suggested a date
change to July 3-4, sources within the group previously told
Reuters.