NEW YORK (CNN/Money) - Oil prices turned lower in late-trading Wednesday after a government agency said Hurricane Ivan's impact on U.S. crude supplies can be short-lived.

Light crude for October delivery fell 81 cents to settle at $43.58 a barrel after climbing as high as $45.30 on the New York Mercantile Exchange.

In London, Brent crude lost 83 cents to end at $40.35 a barrel.

Refiners fully shut eight refineries in Louisiana, Texas and Chicago and partially shut four more as they prepared for the storm to hit land. The effect of the closed refineries outbalanced U.S. Gulf oil production shut in by Ivan and weekly government data that showed crude stockpiles last week fell to their lowest level in six months as Ivan delayed shipments.

But the Energy Information Administration (EIA) said that in 2002 when Tropical Storm Isadore and Hurricane Lili hit the gulf in late September oil inventories plummeted 14.7 million barrels over two weeks. But in the next two weeks inventories rose 15.7 million barrels.

Earlier, the EIA said heating oil stocks rose 1.7 million barrels to 53.1 million.

EIA, however, said commercial crude inventories fell 7.1 million barrels to 278.6 million barrels in the week to Sept 10, taking crude stocks to their lowest since late February.

Distillates rose by 1.7 million barrels. Traders are focusing more on distillates, particularly heating oil, as the northern hemisphere winter approaches.

Meanwhile, news from the Organization of the Petroleum Exporting Countries also helped soothe sizzling crude prices.

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The oil cartel agreed at its meeting in Vienna on Wednesday to raise formal output limits by one million barrels a day, four percent, to 27 million bpd.

New supply quotas in the OPEC members will be effective from November 1.

The group plans to meet again on December 10 in Cairo, ministers said. The cartel made no change to its $22-$28 price target.  

-- from staff and wire reports