Oil climbs, US oil stocks fall, OPEC talks cuts

LONDON, Nov 8 (Reuters) Oil climbed around dollar to near a barrel on Wednesday, after U.S. inventory data showed falls in stocks of some refined products and OPEC ministers pledged to push ahead with output cuts agreed last month.

U.S. crude was up 92 cents to .85 a barrel by 1634 GMT, just off a session high of .05. London Brent crude was up 96 cents at .44.

Inventory data released by the U.S. government's Energy Information Administration on Wednesday showed crude stocks had risen by 400,000 barrels, compared with analyst forecasts for a 700,000 barrel increase.

Although heating oil stocks rose by 300,000 barrels, other distillate stocks, such as diesel, fell by 2.7 million barrels, much more than the 500,000-barrel draw expected.

Gasoline inventories, which had been expected to be unchanged, declined by 600,000 barrels.

''The bullish tone is diluted by the fact that in the distillate breakdown, heating oil stocks actually rose by 300,000,'' BNP Paribas said in a note.

High inventory levels have worried OPEC ministers, and Gulf members of the producer group, who met in Abu Dhabi on Wednesday, said they were fully committed to the cut of 1.2 million barrels per day (bpd) agreed in Doha last month.

''All of OPEC is committed (to the cuts),'' United Arab Emirates Oil Minister Mohammed bin Dhaen al-Hamli said.

Ministers, including Saudi Oil Minister Ali al-Naimi, have said the market remains oversupplied and that further cuts could be agreed at the producer group's next meeting in Dec. 14.

High inventory levels, combined with scepticism about OPEC's commitment to production cuts have helped to pull prices down by around 25 percent from the record high of .40 for U.S. crude in July.

But Goldman Sachs said inventories were progressively being eroded by stronger than expected demand.

''We continue to believe that the recent, lower oil price levels will prove short-lived, particularly as the lower prices have contributed to exceptionally strong demand growth in the U.S.,'' the investment bank wrote in a report.

It maintained its price forecast of .50 for U.S. crude next year.

Reuters AKJ GC2247