By Barani Krishnan
NEW YORK (Reuters) - Oil prices fell 1 percent on Wednesday, extending their tumble ahead of data likely to show U.S. crude stockpiles had risen last week after a one-week reprieve.
On Tuesday, crude futures settled down 3 percent after the world's energy watchdog and OPEC both revised forecasts that signalled the global crude glut could persist much longer than expected.
Analysts expect the U.S. Energy Information Administration to cite a build of 3.8 million barrels in domestic crude stockpiles for the week ended Sept. 9 in data due at 10:30 a.m. EDT (1430 GMT). U.S. crude inventories fell by 14.5 million barrels in the previous week to Sept. 2, the biggest weekly drawdown since 1999 as imports to the Gulf Coast hit a record low.
"I am expecting an across-the-board build with a large build in crude oil as imports recover after the tropical storm in the Gulf," said Dominick Chirichella, senior partner at the Energy Management Institute in New York, who predicted an increase of 6.6 million barrels in the latest week.
Brent crude futures were down 51 cents at $46.59 per barrel at 9:35 a.m. EDT (1435 GMT).
U.S. West Texas Intermediate (WTI) crude futures slid 45 cents to $44.45.
"All in all, we still see some near-term price chop that will keep WTI confined to about $43-$47.50 area," said Jim Ritterbusch of Chicago-based oil markets consultancy Ritterbusch & Associates. "We would be much more enthusiastic about selling rallies toward the high side of these parameters."
The International Energy Agency (IEA), which advises oil-consuming countries on their energy policies, said a sharp slowdown in oil demand growth, coupled with ballooning inventories and rising supply, means the market will be oversupplied at least through the first half of 2017.
The Organization of the Petroleum Exporting Countries has also pointed to a larger surplus next year due to new fields in non-member countries. U.S. shale drillers are proving more resilient than expected to cheap crude, OPEC added.
OPEC is expected to meet with non-members led by Russia at an industry conference in Algeria on Sept. 26-28 to discuss a crude production freeze. Few analysts believe the two sides will reach a deal.
"Rather than talking about capping oil production as it was planning to do at the end of September, OPEC would be better advised to think about reversing the production growth of recent months," Commerzbank analyst Carsten Fritsch said, referring to the recent soaring oil output from OPEC members such as Saudi Arabia.
(Additional reporting by Ahmad Ghaddar in London and Mark Tay in Singapore; Editing by Jason Neely and Paul Simao)
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