US Cash Crude- Grades steady as markets weighed supply factors

Oct 31 (Reuters) - U.S. crude grades were little changed on Friday, dealers said, as markets weighed supply factors.

U.S. oil rigs fell by six to 414 this week, their lowest level since September, Baker Hughes said in a closely watched report.

However, U.S. oil and gas production rose to record highs in August, data from the Energy Information Administration released on Friday showed, despite concerns that the market is heading towards a surplus.

Globally, OPEC+ will likely agree on Sunday another small hike in oil output targets for December, three sources familiar with the talks said, as the group moderates its drive to regain market share amid predictions of a supply glut next year.

The world's biggest oil exporter, Saudi Arabia, may reduce its December crude price for Asian buyers to multi-month lows due to ample supplies, but demand to replace Russian supplies hit by Western sanctions could limit the cuts, sources said.

In refining news, state-owned Kuwait Integrated Petroleum Industries Company has delayed the restart of a crude unit at its 615,000 barrels per day Al Zour oil refinery that was shut down on October 21 due to a fire, industry monitor IIR said.

U.S. oil refiners are expected to have about 981,000 barrels per day of capacity offline in the week ending October 31, increasing available refining capacity by 111,000 bpd, research company IIR Energy said on Friday.

• Light Louisiana Sweet for November delivery eased 3 cents to a midpoint of a $1.10 premium and was seen bid and offered between a $1.00 and $1.20 a barrel premium to U.S. crude futures CLc1 ​

  • Mars Sour eased 10 cents to a midpoint of a $1.10 discount and was seen bid and offered between a $1.30 and 90-cent a barrel discount to U.S. crude futures CLc1 ​

  • WTI Midland gained 5 cents to a midpoint of a 50-cent premium and was seen bid and offered between a 30-cent and 70-cent a barrel premium to U.S. crude futures CLc1 ​

  • West Texas Sour eased 15 cents to a midpoint of a 60-cent discount and was seen bid and offered between a 80-cent and 40-cent a barrel discount to U.S. crude futures CLc1 ​

  • WTI at East Houston , also known as MEH, traded between a 60-cent and $1.00 a barrel premium to U.S. crude futures CLc1 ​

  • ICE Brent December futures LCOc1 rose 7 cents to settle at $65.07 a barrel on Friday​.

  • WTI December crude CLc1 futures rose 41 cents to settle at $60.98 a barrel on Friday​.

  • The Brent/WTI spread narrowed 10 cents to to last trade at minus $4.33, after hitting a high of minus $4.04 and a low of minus $4.53.