REFILE-Oil up on bargain-hunting, but gains capped by stockpile forecast

(Corrects paragraph 3 to add dropped dollar symbol)
By Meeyoung Cho
SEOUL, Oct 13 (Reuters) - Crude oil futures climbed on
Tuesday, buoyed by light bargain-hunting after U.S. and Brent
crude in the previous session posted their biggest daily
percentage declines since the start of September.
But a supply surplus and expectations of higher crude
inventory stockplies in the United States limited gains.
Global benchmark Brent crude LCOc1 had climbed 62 cents to
$50.48 a barrel by 0132 GMT, after dropping $2.79 to end Monday
at $49.86. U.S. crude for November CLc1 climbed 41 cents to
$47.51 a barrel after settling down $2.53 at $47.10.
"We think that prices are likely to remain capped to the
upside for the remainder of this quarter in line with our
forecast due to weakening product demand, burgeoning crude and
product stocks, and limited supply adjustments," Barclays (L:BARC) said.
Kuwait said on Monday there were no calls within OPEC to
change the oil group's production policy and that lower output
from high-cost producers could support prices in 2016, adding to
signs OPEC will keep its strategy of defending market share.
urn:newsml:reuters.com:*:nL8N12C14K
OPEC forecast on Monday that demand for its oil in 2016
would be much higher than previously thought as its strategy of
letting prices fall hits U.S. shale oil and other rival
supplies, reducing a global surplus. ID:nL8N12C22M
Venezuela, whose economy has been decimated by low oil
prices, this month will unveil a bold new strategy to revive
them, taking a page from OPEC's history books with a proposed
price band to build an automatic floor for prices at $70 a
barrel. urn:newsml:reuters.com:*:nL1N12C0OV
"Oil dropped the most in three weeks after OPEC reported
that its members pumped the most crude in three years. U.S.
crude stockpiles are also expected to rise when released later
this week," ANZ said in a note on Tuesday.
A preliminary Reuters survey, taken ahead of weekly
inventory reports from industry group the American Petroleum
Institute (API) and the U.S. Department of Energy's Energy
Information Administration (EIA), showed a crude stock build of
2.8 million barrels on average in the week ended Oct. 9. EIA/S
Reuters analyst Wang Tao said that U.S. oil is expected to
fall to $46.44, as it has broken support at $48.13 per barrel.
ID:nL3N12D131
Asian shares stepped back from two-month highs on
profit-taking on Tuesday, while the dollar was on the defensive
as expectations of an imminent U.S. rate hike receded.
MKTS/GLOB