UPDATE 9-Oil falls 1% on OPEC+ oversupply, U.S. jobless data

* OPEC+ needs to fix 2 mln bpd oversupply -document
* U.S. weekly jobless claims back over 1 million
* Saudi crude exports plunge in June to lowest on record

(Updates to settlement)
By Devika Krishna Kumar
NEW YORK, Aug 20 (Reuters) - Oil fell 1% on Thursday after
Reuters reported OPEC+ needed to address daily oversupply of
more than 2 million barrels, and the number of U.S. unemployment
benefit claims rose unexpectedly, signalling a slow economic
recovery.
Brent crude LCOc1 fell 47 cents, or 1%, to settle at
$44.90 a barrel while West Texas Intermediate (WTI) CLc1 for
September delivery ended the session 35 cents, or 0.8% lower, at
$42.58 a barrel on the last day of trading. The more active
October WTI contract CLV0 ended down 29 cents, or 0.7%, at
$42.82 a barrel.
The Organization of the Petroleum Exporting Countries and
its allies, known an OPEC+, said on Wednesday the pace of the
oil market recovery appeared to be slower than anticipated with
growing risks of a prolonged second wave of the pandemic.
Prices came under renewed pressure after Reuters reported
that some OPEC+ members would need to cut output by an extra
2.31 million barrels per day (bpd) to make up for recent
oversupply. Global markets also turned sour as the number of new U.S.
claims for unemployment benefits rose back above 1 million last
week. Oil prices have been largely rangebound since mid-June, with
Brent trading from $40 to $46 per barrel and WTI between $37 and
$43.
"The rebound in global economic activity which explained to
some extent the firm oil price during May-June period has
stalled ... the macro environment for crude oil continues to
show weakness," said Georgi Slavov, head of global fundamental
research at Marex Spectron.
However, crude exports from Saudi Arabia, the world's
largest oil exporter, extended a decline in June to the lowest
on record, official data showed. Wall Street also came under pressure after minutes on
Wednesday from the Fed's latest policy meeting showed the labor
market's swift rebound in May and June had likely slowed and
that policymakers would stick with aggressive stimulus measures
for a much longer period. Despite signs that parts of the economy were still far away
from pre-pandemic levels, the benchmark S&P 500 index .SPX
completed its fastest recovery from a bear market this week,
joining the Nasdaq in scaling new peaks.
"With attainment of a record S&P earlier this week, trends
still favor higher prices across an array of asset classes and
we continue to anticipate fresh multi-month oil price highs with
the product markets advancing above such a threshold by next
week," Jim Ritterbusch, president of Ritterbusch and Associates,
said.

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GRAPHIC: OPEC production https://tmsnrt.rs/3hgDEqs
CHART: U.S. oil may retest resistance at $42.89 Brent oil may test resistance at $45.61 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>