* IEA sees global oil supply glut through 2016
* U.S. shale output seen to fall the most on record in Nov
* OPEC invites some non-OPEC members for Oct 21 meeting
(Adds more details and updates prices)
By Meeyoung Cho
SEOUL, Oct 14 (Reuters) - Crude oil futures fell on
Wednesday, extending two days of losses and rattled by concerns
about oversupply and slowing demand, with China's economic
growth likely to fall below 7 percent in the third quarter.
Crude futures rose 15 percent in early October but have
since fallen back by almost 10 percent as global production
continues to outpace demand and concerns over China's slowing
economy prevail.
Front-month Brent LCOc1 for November delivery was down 19
cents or 0.4 percent at $49.05 a barrel as of 0708 GMT after it
ended down 1.2 percent, or 62 cents, at $49.24 a barrel on
Tuesday.
U.S. crude CLc1 lost 12 cents, or 0.3 percent, to $46.54 a
barrel after settling 0.9 percent, or 44 cents, lower at $46.66
a barrel.
On Wednesday, data from China which showed consumer
inflation had eased more than expected in September while
producer prices fell for a 43rd straight month, adding to
concerns over growing deflationary pressures in the world's
second-largest economy. urn:newsml:reuters.com:*:nZZN02KKAE
China's economic growth is expected to fall below 7 percent
for the first time since the global financial crisis in the
third quarter. urn:newsml:reuters.com:*:nL3N12C29L
"Prices should remain low ... the main reason for that is
because global supply and demand for crude did not change much
over the past few weeks or even months. We are still in
oversupply," Daniel Ang, an investment analyst at Phillip
Futures Pte Ltd.
"Considering that you know we are looking for possible
worsening oversupply coming from Iran ... this puts the whole
situation a lot more bearish."
A global oil supply glut will persist through 2016 as demand
growth slows from a five-year high and key OPEC members maintain
near-record output, said the International Energy Agency, even
as low prices curb supply outside the producer group.
urn:newsml:reuters.com:*:nL8N12D17P
U.S. shale production is expected to fall the most on record
in November, extending a nationwide output decline into its
seventh consecutive month, according to a forecast from the U.S.
Energy Information Administration. urn:newsml:reuters.com:*:nL1N12D1PI
The number of North Dakota oil wells that have been drilled
but not fracked rose to an all-time high in August of almost
1,000, as producers delayed bringing them online as long as
possible. ID:nL1N12D1AI
Global offshore oil production in ageing fields will also
fall by 10 percent next year as producers abandon field upgrades
at the fastest rate in 30 years, data shows. urn:newsml:reuters.com:*:nL8N129161
As the oil market remains over supplied, Saudi Arabia failed
to attract offers for additional oil cargoes for loading in
October, industry sources said. urn:newsml:reuters.com:*:nL3N12D2BH
Venezuelan Oil Minister Eulogio del Pino said on Tuesday
that eight non-OPEC countries have been invited to an Oct. 21
technical meeting of oil experts from the Organization of
Petroleum Exporting Countries and non-OPEC countries in
Vienna. urn:newsml:reuters.com:*:nL1N12D1SV