Oil rises after U.S. inventories draw, optimism of economic recovery

* U.S. crude stocks fall more than expected -API
* 71 of 643 U.S. Gulf of Mexico manned platforms remain
evacuated
* OPEC August oil output rises for 2nd month -survey

By Yuka Obayashi
TOKYO, Sept 2 (Reuters) - Crude oil futures rose on
Wednesday after a more-than-expected draw in U.S. crude
stockpiles and as solid U.S. factory data raised optimism of a
post-pandemic economic recovery, boosting risk appetite among
investors.
Brent crude LCOc1 futures were up 33 cents at $45.91 a
barrel as of 0034 GMT, extending gains into a third day.
U.S. West Texas Intermediate futures CLc1 rose 33 cents to
$43.09, following the previous day's gain by 15 cents.
U.S. crude inventories fell by 6.4 million barrels in the
week to Aug. 28 to about 501.2 million barrels, the American
Petroleum Institute (API) said, compared with analysts'
expectations for a draw of 1.9 million barrels. Gasoline stocks also fell by 5.8 million barrels, more than
analysts' estimates of a draw of 3.0 million barrels.
Analysts had forecast a sixth weekly drawdown in U.S. crude
inventories in a Reuters poll. EIA/S
"Positive tone was also set on hopes for a swift economic
recovery following a healthy U.S. economic data, which raised
investors' risk appetite and propelled U.S. stock market and oil
prices," Kazuhiko Saito, chief analyst at Fujitomi Co, said.
"Also, slower-than-expected resumption of oil output in the
United States after Hurricane Laura raised concerns over tighter
supply," he said.
U.S. manufacturing activity accelerated to a more than
1-1/2-year high in August amid a surge in new orders, lending
support to Wall Street and oil markets. MKTS/GLOB
U.S. Gulf of Mexico offshore oil output on Tuesday was down
by 525,099 barrels per day, or 28.4% of the region's daily
production, the U.S. Department of Interior reported, as energy
companies restarted more activity in the aftermath of Hurricane
Laura. Still, 71 of the U.S. Gulf of Mexico's 643 manned platforms
remained evacuated, down from 117 production platforms on
Monday, the regulator said.
On the global supply side, oil output by the Organization of
the Petroleum Exporting Countries (OPEC) rose by about 1 million
barrels per day (bpd) in August, a Reuters survey
found. From May 1, OPEC and allies, known as OPEC+, made a record
cut of 9.7 million bpd, or 10% of global output, after the virus
destroyed a third of world demand. From Aug. 1, the cut tapered
to 7.7 million bpd until December.