UPDATE 10-Oil steadies as demand concerns counter OPEC cuts

* U.S. EIA cuts 2019 world oil demand growth forecast
* Russia signals it may support extended supply cut with
OPEC
* U.S. crude stockpiles expected to fall in weekly reports
* U.S. crude stocks up unexpectedly 4.9 mln bbls last week
-API

(Updates with API data)
By Stephanie Kelly
NEW YORK, June 11 (Reuters) - Oil prices were steady on
Tuesday, weighed by concerns about a global economic slowdown
that could dent crude demand, but supported by expectations that
OPEC and its allies will extend their supply curbs.
Brent crude LCOc1 futures settled unchanged at $62.29 a
barrel, while U.S. West Texas Intermediate (WTI) crude CLc1
futures edged up 1 cent to end at $53.27 a barrel.
Prices fell after U.S. crude stockpiles unexpectedly rose by
4.9 million barrels in the week to June 7 to 482.8 million,
industry group the American Petroleum Institute said on Tuesday.
U.S. government data is due to be released at 10:30 a.m. EDT
(1430 GMT) on Wednesday.
Both Brent and WTI are down roughly 20% from their 2019 peak
reached in April. Concern about slowing demand and economic
growth has had a large impact on sentiment amid a trade war
between the United States and China.
The U.S. Energy Information Administration cut its 2019
world oil demand growth forecast by 160,000 barrels per day to
1.22 million bpd. "The demand outlook is central to the oil market these
days," said John Kilduff, an analyst at Again Capital LLC. "The
global economic data has been chock full of negative surprises,
of late, attributable to the fallout from the U.S.-China trade
war."
Beijing said it will allow local governments to use proceeds
from special bonds as capital for major investment projects, in
a bid to support the slowing economy amid an escalating trade
war with the United States. Supporting oil prices on Tuesday was optimism that the
Organization of the Petroleum Exporting Countries and other
producers such as Russia would extend an output cut deal that
has been in place since the beginning of the year to prop up
prices. The group, known as OPEC+, is due to meet in late June
or early July to decide whether to extend the pact.
Russian energy minister Alexander Novak said on Monday there
is still a risk that oil producers pump out too much crude and
prices fall sharply, suggesting Moscow might support an
extension. The comments, along with remarks from Saudi Arabia,
bolstered expectations the deal will be renewed. Russia's average oil output stood at 11.04 million bpd on
June 1-10, up from an average of 10.87 million bpd on June 1-3,
two sources familiar with official data said on Tuesday. Oil
output in the first three days of June was the lowest since
mid-2016, according to Reuters calculations. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
GRAPHIC-Russian, U.S. & Saudi crude oil production https://tmsnrt.rs/2EUHeFO
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