Oil fell on Thursday, erasing some of the previous session's strong gains, as traders await the G20 summit in Japan and a meeting of OPEC and other oil producers to decide on an extension of output cuts.

Brent crude futures were down 19 cents, or 0.3%, at $66.30 by 0256 GMT.

US West Texas Intermediate (WTI) crude futures were down 19 cents, or 0.3%, at $59.19.

Oil prices rose more than 2% on Wednesday to their highest in about a month, buoyed by US government data showing a larger-than-expected drawdown in crude stocks as exports hit a record high and surprise drops in refined product stockpiles.

However, traders said concerns that a hoped-for breakthrough on trade at the G20 may not eventuate and some nervousness about continued output cuts were crimping follow-through buying.

"I think the length of the speculative positioning might be stretched too tight ahead of G20 and of course OPEC," said Stephen Innes, managing partner at Vanguard Markets in Bangkok, said.

US President Donald Trump will meet with Chinese President Xi Jinping at the Group of 20 summit that starts on Friday in Osaka, Japan to seek a breakthrough in negotiations to end a trade war that has been hitting global economic growth.

Trump said on Wednesday that a deal was possible but also spoke of a Plan B that would involve reducing business ties with China.

"With Trump stirring up trade war dust via "Plan B" there is still that element of the unknown," Innes said.

Almost immediately after the G20 summit ends on Saturday, the Organization of the Petroleum Exporting Countries (OPEC) meets on Monday to discuss an extension of production cuts to support prices.

The day after that OPEC members meet with other producers including Russia in a grouping known as OPEC+, which agreed in December to reduce supply by 1.2 million barrels per day from Jan. 1. The agreement is due to expire on June 30.

Crude inventories in the United States, the largest producer and consumer of oil, fell 12.8 million barrels last week, the Energy Information Administration said, far surpassing analyst expectations for a decrease of 2.5 million barrels.

That was the most since September 2016, according to the statistical arm of the Department of Energy.

Net US crude imports fell last week by 1.2 million barrels per day (bpd). Overall crude exports rose to 3.8 million bpd, beating the previous record of 3.6 million bpd in February.

Oil fell on Thursday, erasing some of the previous session's strong gains, as traders await the G20 summit in Japan and a meeting of OPEC and other oil producers to decide on an extension of output cuts.

Oil fell on Thursday, erasing some of the previous session's strong gains, as traders await the G20 summit in Japan and a meeting of OPEC and other oil producers to decide on an extension of output cuts. Brent crude futures were down 19 cents, or 0.3%, at $66.30 by 0256 GMT. US West Texas Intermediate (WTI) crude futures were down 19 cents, or 0.3%, at $59.19. Oil prices rose more than 2% on Wednesday to their highest in about a month, buoyed by US government data showing a larger-than-expected drawdown in crude stocks as exports hit a record high and surprise drops in refined product stockpiles. However, traders said concerns that a hoped-for breakthrough on trade at the G20 may not eventuate and some nervousness about continued output cuts were crimping follow-through buying. "I think the length of the speculative positioning might be stretched too tight ahead of G20 and of course OPEC," said Stephen Innes, managing partner at Vanguard Markets in Bangkok, said. US President Donald Trump will meet with Chinese President Xi Jinping at the Group of 20 summit that starts on Friday in Osaka, Japan to seek a breakthrough in negotiations to end a trade war that has been hitting global economic growth. Trump said on Wednesday that a deal was possible but also spoke of a Plan B that would involve reducing business ties with China. "With Trump stirring up trade war dust via "Plan B" there is still that element of the unknown," Innes said. Almost immediately after the G20 summit ends on Saturday, the Organization of the Petroleum Exporting Countries (OPEC) meets on Monday to discuss an extension of production cuts to support prices. The day after that OPEC members meet with other producers including Russia in a grouping known as OPEC+, which agreed in December to reduce supply by 1.2 million barrels per day from Jan. 1. The agreement is due to expire on June 30. Crude inventories in the United States, the largest producer and consumer of oil, fell 12.8 million barrels last week, the Energy Information Administration said, far surpassing analyst expectations for a decrease of 2.5 million barrels. That was the most since September 2016, according to the statistical arm of the Department of Energy. Net US crude imports fell last week by 1.2 million barrels per day (bpd). Overall crude exports rose to 3.8 million bpd, beating the previous record of 3.6 million bpd in February.

Oil prices fall, shrugging off US inventory drop, amid G20 uncertainty

US President Donald Trump spoke on Friday to Saudi Crown Prince Mohammed bin Salman about Middle East stability and the oil market, the White House said, after tensions with <a href="https://www.wionews.com/world/we-were-cocked-and-loaded-to-retaliate-i-stopped-it-10-minutes-before-striking-iran-trump-229293">Iran prompted a rise in oil prices</a>.

"The two leaders discussed Saudi Arabia’s critical role in ensuring stability in the Middle East and in the global oil market. They also discussed the threat posed by the Iranian regime’s escalatory behavior," White House spokesman Hogan Gidley said in a statement.

The phone call took place in the wake of Iran's shooting down of an <a href="https://www.wionews.com/world/iran-needs-to-meet-diplomacy-with-diplomacy-not-military-force-us-229256">unmanned US drone in the Gulf region</a>, which prompted Trump to prepare but ultimately hold back from launching a retaliatory attack.

There was no word from the White House statement on whether Trump raised with the crown prince the death last October of Saudi journalist Jamal Khashoggi.

A 100-page report by the UNspecial rapporteur on extrajudicial executions, Agnes Callamard, earlier this week accused Saudi Arabia of a “deliberate, premeditated execution” and said the crown prince should be investigated for it.

Agnes Callamard, the UN special rapporteur on extrajudicial executions, had called for countries to widen sanctions to include the Crown Prince and his personal assets, until and unless he can prove he has no responsibility.

Khashoggi, a critic of the prince and a Washington Post columnist, was last seen at the Saudi consulate in Istanbul on October 2 where he was to receive papers ahead of his wedding.

His body was dismembered and removed from the building, the Saudi prosecutor has said, and his remains have not been found.

Callamard went to Turkey earlier this year with a team of forensic and legal experts and said she received evidence from Turkish authorities. 
&nbsp;

US President Donald Trump spoke on Friday to Saudi Crown Prince Mohammed bin Salman about Middle East stability and the oil market, the White House said, after tensions with Iran prompted a rise in oil prices.

US President Donald Trump spoke on Friday to Saudi Crown Prince Mohammed bin Salman about Middle East stability and the oil market, the White House said, after tensions with Iran prompted a rise in oil prices. "The two leaders discussed Saudi Arabia’s critical role in ensuring stability in the Middle East and in the global oil market. They also discussed the threat posed by the Iranian regime’s escalatory behavior," White House spokesman Hogan Gidley said in a statement. The phone call took place in the wake of Iran's shooting down of an unmanned US drone in the Gulf region, which prompted Trump to prepare but ultimately hold back from launching a retaliatory attack. There was no word from the White House statement on whether Trump raised with the crown prince the death last October of Saudi journalist Jamal Khashoggi. A 100-page report by the UNspecial rapporteur on extrajudicial executions, Agnes Callamard, earlier this week accused Saudi Arabia of a “deliberate, premeditated execution” and said the crown prince should be investigated for it. Agnes Callamard, the UN special rapporteur on extrajudicial executions, had called for countries to widen sanctions to include the Crown Prince and his personal assets, until and unless he can prove he has no responsibility. Khashoggi, a critic of the prince and a Washington Post columnist, was last seen at the Saudi consulate in Istanbul on October 2 where he was to receive papers ahead of his wedding. His body was dismembered and removed from the building, the Saudi prosecutor has said, and his remains have not been found. Callamard went to Turkey earlier this year with a team of forensic and legal experts and said she received evidence from Turkish authorities.

Trump spoke to Crown Prince Salman on Middle East stability, oil market: White House

Oil Prices, Geopolitical Concerns; Here Is What The U.S.-Iran Tensions Mean From A Global Point Of View

Gravitas: U.S-Iran Tensions: The Global Perspective

Oil prices rose on Friday, with Brent crude heading for its first weekly gain in five weeks on tensions in the Middle East after Iran shot down a US military drone and on hopes for a drop in US interest rates that may stimulate global growth.

While US President Donald Trump played down the destruction of the drone, tensions remain high after the latest incident in the Gulf, which followed tanker attacks last week that raised concerns about crucial oil supplies being disrupted.

The demand-side picture has also improved, with expectations that the US Federal Reserve will cut interest rates at its next meeting and with plans by Beijing and Washington to resume talks to resolve a trade war that has hit economic growth prospects.

Brent crude was up 39 cents, or 0.6%, at $64.84 a barrel by 0034 GMT. The global benchmark rose 4.3% on Thursday and is heading for a weekly gain of more than 4% after four weeks of decline.

US West Texas Intermediate crude was up 32 cents, or 0.6%, at $57.39 a barrel. The US benchmark rose 5.4% on Thursday and is on track for a nearly 10% increase this week.

Potential supply "disruptions have boosted energy prices combined with the dollar weakness after the Fed signalled an interest rate is near," Alfonso Esparza, senior market analyst at OANDA, said in a note.

A weaker greenback tends to support oil prices because crude is usually priced in dollars.

"Trade anxiety has died down, pushing energy prices higher as global growth will not be pressured by a prolonged tariff war," Esparza said.

Concern about slowing economic growth and a US-China trade dispute had pulled oil lower in recent weeks. That came after Brent reached a 2019-high above $75 in April.

Trump said on Thursday he suspected the drone was shot down by mistake and that "it would have made a big difference" to him if the remotely-controlled aircraft had been piloted.

While the comments appeared to suggest Trump was not eager to escalate the latest in a series of incidents with Iran, he also warned that: "This country will not stand for it".

Tehran said the unarmed Global Hawk surveillance drone was on a spy mission over its territory, but Washington said it was shot down over international airspace.

Several top US House Republicans said on Thursday the United States must undertake a "measured response" to Iran.

Tension has been rising in the Middle East, home to over 20% of the world's oil output, after attacks on two tankers near the Strait of Hormuz, a chokepoint for oil supplies.

Washington blamed Tehran for the tanker attacks. Iran denied any role.

A drop in US crude inventories has also supported prices.

Oil prices rose on Friday, with Brent crude heading for its first weekly gain in five weeks on tensions in the Middle East after Iran shot down a US military drone and on hopes for a drop in US interest rates that may stimulate global growth.

Oil prices rose on Friday, with Brent crude heading for its first weekly gain in five weeks on tensions in the Middle East after Iran shot down a US military drone and on hopes for a drop in US interest rates that may stimulate global growth. While US President Donald Trump played down the destruction of the drone, tensions remain high after the latest incident in the Gulf, which followed tanker attacks last week that raised concerns about crucial oil supplies being disrupted. The demand-side picture has also improved, with expectations that the US Federal Reserve will cut interest rates at its next meeting and with plans by Beijing and Washington to resume talks to resolve a trade war that has hit economic growth prospects. Brent crude was up 39 cents, or 0.6%, at $64.84 a barrel by 0034 GMT. The global benchmark rose 4.3% on Thursday and is heading for a weekly gain of more than 4% after four weeks of decline. US West Texas Intermediate crude was up 32 cents, or 0.6%, at $57.39 a barrel. The US benchmark rose 5.4% on Thursday and is on track for a nearly 10% increase this week. Potential supply "disruptions have boosted energy prices combined with the dollar weakness after the Fed signalled an interest rate is near," Alfonso Esparza, senior market analyst at OANDA, said in a note. A weaker greenback tends to support oil prices because crude is usually priced in dollars. "Trade anxiety has died down, pushing energy prices higher as global growth will not be pressured by a prolonged tariff war," Esparza said. Concern about slowing economic growth and a US-China trade dispute had pulled oil lower in recent weeks. That came after Brent reached a 2019-high above $75 in April. Trump said on Thursday he suspected the drone was shot down by mistake and that "it would have made a big difference" to him if the remotely-controlled aircraft had been piloted. While the comments appeared to suggest Trump was not eager to escalate the latest in a series of incidents with Iran, he also warned that: "This country will not stand for it". Tehran said the unarmed Global Hawk surveillance drone was on a spy mission over its territory, but Washington said it was shot down over international airspace. Several top US House Republicans said on Thursday the United States must undertake a "measured response" to Iran. Tension has been rising in the Middle East, home to over 20% of the world's oil output, after attacks on two tankers near the Strait of Hormuz, a chokepoint for oil supplies. Washington blamed Tehran for the tanker attacks. Iran denied any role. A drop in US crude inventories has also supported prices.

Oil prices extend gains amid Middle East tensions, rate cut hopes

Oil prices extended gains on Wednesday after rising in the previous session on rekindled hopes for a US-China trade deal and on the potential for conflict between the US and Iran in the Middle East after tanker attacks there last week.

Brent crude futures were up 3 cents at $62.17 a barrel by 0330 GMT. They rose 2% on Tuesday.

US West Texas Intermediate crude gained 12 cents to $54.02 a barrel. The US benchmark surged 3.8% in the last session.

In a post on Twitter, US President Donald Trump said preparations were starting for him to meet Chinese President Xi Jinping at the G20 summit in Osaka, Japan, next week.

That comes after talks to reach a broad deal on trade between the United States and China broke down last month after Washington accused the Chinese of backing away from previously agreed commitments.

Interaction between the two sides since then has been limited, and Trump has threatened, repeatedly, to slap more tariffs on Chinese products in an escalation that businesses in both countries want to avoid.

"Global demand for crude got a boost on expectations that trade talks are showing some positive signs following President Trump's tweets," said Edward Moya, senior market analyst at OANDA in New York.

Both oil benchmarks gave up earlier gains in the Asian session after data showed that Japan's exports fell for a sixth straight month in May as China-bound shipments weakened, underlining the impact of the trade war.

Tensions in the Middle East after last week's tanker attacks remain high, with Trump saying he was prepared to take military action to stop Iran having a nuclear bomb but leaving open whether he would sanction the use of force to protect Gulf oil supplies.

Fears of a confrontation between Iran and the United States have mounted since last Thursday's attacks, which Washington has blamed on Tehran. Iran has denied involvement.

Iran said this week it would breach internationally agreed curbs on its stock of low-enriched uranium within 10 days, possibly paving the way for the country to develop a nuclear weapon, adding that European nations still had time to save a landmark nuclear deal.

The US is deploying about 1,000 more troops to the Middle East for what Washington said were defensive purposes, citing concerns about a threat from Iran.

Market participants are also waiting for a meeting between the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia, a group known as OPEC+, to decide whether to extend a supply reduction pact that ends this month.

OPEC and non-OPEC states are discussing holding meetings on July 10-12 in Vienna, a date range proposed by Iran, OPEC sources said on Tuesday. OPEC itself, however, is considering meeting on July 1-2 though it is still saying meeting will be held on June 25-26 on its website.

US crude stocks also fell by 812,000 barrels last week to 482 million, industry group the American Petroleum Institute said on Tuesday.

The report from the government's Energy Information Administration are due later on Wednesday.

Oil prices extended gains on Wednesday after rising in the previous session on rekindled hopes for a US-China trade deal and on the potential for conflict between the US and Iran in the Middle East after tanker attacks there last week.

Oil prices extended gains on Wednesday after rising in the previous session on rekindled hopes for a US-China trade deal and on the potential for conflict between the US and Iran in the Middle East after tanker attacks there last week. Brent crude futures were up 3 cents at $62.17 a barrel by 0330 GMT. They rose 2% on Tuesday. US West Texas Intermediate crude gained 12 cents to $54.02 a barrel. The US benchmark surged 3.8% in the last session. In a post on Twitter, US President Donald Trump said preparations were starting for him to meet Chinese President Xi Jinping at the G20 summit in Osaka, Japan, next week. That comes after talks to reach a broad deal on trade between the United States and China broke down last month after Washington accused the Chinese of backing away from previously agreed commitments. Interaction between the two sides since then has been limited, and Trump has threatened, repeatedly, to slap more tariffs on Chinese products in an escalation that businesses in both countries want to avoid. "Global demand for crude got a boost on expectations that trade talks are showing some positive signs following President Trump's tweets," said Edward Moya, senior market analyst at OANDA in New York. Both oil benchmarks gave up earlier gains in the Asian session after data showed that Japan's exports fell for a sixth straight month in May as China-bound shipments weakened, underlining the impact of the trade war. Tensions in the Middle East after last week's tanker attacks remain high, with Trump saying he was prepared to take military action to stop Iran having a nuclear bomb but leaving open whether he would sanction the use of force to protect Gulf oil supplies. Fears of a confrontation between Iran and the United States have mounted since last Thursday's attacks, which Washington has blamed on Tehran. Iran has denied involvement. Iran said this week it would breach internationally agreed curbs on its stock of low-enriched uranium within 10 days, possibly paving the way for the country to develop a nuclear weapon, adding that European nations still had time to save a landmark nuclear deal. The US is deploying about 1,000 more troops to the Middle East for what Washington said were defensive purposes, citing concerns about a threat from Iran. Market participants are also waiting for a meeting between the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia, a group known as OPEC+, to decide whether to extend a supply reduction pact that ends this month. OPEC and non-OPEC states are discussing holding meetings on July 10-12 in Vienna, a date range proposed by Iran, OPEC sources said on Tuesday. OPEC itself, however, is considering meeting on July 1-2 though it is still saying meeting will be held on June 25-26 on its website. US crude stocks also fell by 812,000 barrels last week to 482 million, industry group the American Petroleum Institute said on Tuesday. The report from the government's Energy Information Administration are due later on Wednesday.

Oil gains amid Middle East tensions, US-China trade deal hopes

Oil prices steadied on Tuesday, caught between rising tensions in the Middle East and signs that economic growth is being hit by trade tensions between the United States and China.

Brent crude futures were up 4 cents at $60.98 a barrel by 0055 GMT. They fell 1.7% in the previous session on concerns about slowing global growth.

US West Texas Intermediate (WTI) crude futures were 1 cent lower at $51.92. They dropped 1.1% on Monday.

The New York Federal Reserve said on Monday its gauge of business growth in New York state posted a record fall this month to its weakest level in more than 2-1/2 years, suggesting an abrupt contraction in regional activity.

US business sentiment has sagged as tensions over trade have escalated between China and the United States and on signs of softness in the labour market.

"The market is in a rut and desperately in need of some robust economic data to get it out of this funk," said Stephen Innes, managing partner at Vanguard Markets in Bangkok.

Oil prices have fallen around 20% since 2019 highs reached in April, in part due to concerns about the US-China trade war and disappointing economic data.

US President Donald Trump and China's President Xi Jinping could meet at the G20 summit in Japan later this month. Trump has said he would meet Xi at the summit, although China has not confirmed the meeting.

Putting further pressure on oil, the US energy department said on Monday that shale oil output is expected to reach a record in July.

But tensions in the Middle East are likely to keep prices supported, analysts said.

Acting US Defence Secretary Patrick Shanahan announced on Monday the deployment of about 1,000 more troops to the Middle East for what he said were defensive purposes, citing concerns about a threat from Iran.

Fears of a confrontation between Iran and the United States have mounted since last Thursday when two oil tankers were attacked, which Washington has blamed on Tehran.

Oil prices steadied on Tuesday, caught between rising tensions in the Middle East and signs that economic growth is being hit by trade tensions between the United States and China.

Oil prices steadied on Tuesday, caught between rising tensions in the Middle East and signs that economic growth is being hit by trade tensions between the United States and China. Brent crude futures were up 4 cents at $60.98 a barrel by 0055 GMT. They fell 1.7% in the previous session on concerns about slowing global growth. US West Texas Intermediate (WTI) crude futures were 1 cent lower at $51.92. They dropped 1.1% on Monday. The New York Federal Reserve said on Monday its gauge of business growth in New York state posted a record fall this month to its weakest level in more than 2-1/2 years, suggesting an abrupt contraction in regional activity. US business sentiment has sagged as tensions over trade have escalated between China and the United States and on signs of softness in the labour market. "The market is in a rut and desperately in need of some robust economic data to get it out of this funk," said Stephen Innes, managing partner at Vanguard Markets in Bangkok. Oil prices have fallen around 20% since 2019 highs reached in April, in part due to concerns about the US-China trade war and disappointing economic data. US President Donald Trump and China's President Xi Jinping could meet at the G20 summit in Japan later this month. Trump has said he would meet Xi at the summit, although China has not confirmed the meeting. Putting further pressure on oil, the US energy department said on Monday that shale oil output is expected to reach a record in July. But tensions in the Middle East are likely to keep prices supported, analysts said. Acting US Defence Secretary Patrick Shanahan announced on Monday the deployment of about 1,000 more troops to the Middle East for what he said were defensive purposes, citing concerns about a threat from Iran. Fears of a confrontation between Iran and the United States have mounted since last Thursday when two oil tankers were attacked, which Washington has blamed on Tehran.

Oil prices hold steady amid Middle East tensions, weak economic data

Oil prices rose on Monday after US Secretary of State Mike Pompeo said Washington will take all actions necessary to guarantee safe navigation in the Middle East, as tensions mounted following attacks on tankers last week.

Brent futures had climbed 26 cents, or 0.4%, to $62.27 a barrel by 0314 GMT. They gained 1.1% on Friday.

US West Texas Intermediate (WTI) crude futures were up 17 cents, or 0.3%, at $52.68 a barrel. They rose 0.4% in the previous session.

Prices had jumped as much as 4.5% on Thursday after the attacks on two oil tankers near Iran and the Strait of Hormuz.

It was the second time in a month tankers have been attacked in the world's most important zone for oil supplies as tensions increase between the United States and Iran. Washington blamed Iran for Thursday's attacks, prompting a denial and criticism from Tehran.

"We don't want war. We've done what we can to deter this," Pompeo said in an interview with Fox News Sunday, adding: "The Iranians should understand very clearly that we will continue to take actions that deter Iran from engaging in this kind of behaviour".

Tensions between Iran and the United States have risen since US President Donald Trump pulled out of a deal last year between Iran and global powers that aimed to curb Tehran's nuclear ambitions in exchange for sanctions relief.

Iran has repeatedly warned it would block the Strait of Hormuz if it cannot sell its oil because of US sanctions.

"Growing tensions in the Middle East remain a cause for concern as traders fear supply disruptions over an escalation towards militaristic conflicts," said Benjamin Lu, an analyst at Phillip Futures in Singapore.

Also supporting prices were comments over the weekend by the Saudi energy minister, Khalid al-Falih, that OPEC would probably meet in the first week of July and he hoped it would reach an agreement on extending oil output curbs.

"We are hoping that we will reach consensus to extend our agreement when we meet in two weeks time in Vienna," Falih told reporters while attending a G20 energy and environment ministerial meeting in Karuizawa, northwest of Tokyo.

The Organization of the Petroleum Exporting Countries plus Russia and other producers, an alliance known as OPEC+, have a deal to cut output by 1.2 million barrels per day (bpd) from January 1. The pact ends this month and the group meets in coming weeks to decide the next move.

US energy companies also cut the number of oil rigs operating for a second week in a row, with production growth expected to slow as crude prices fell to near their lowest levels of the year.

Oil prices rose on Monday after US Secretary of State Mike Pompeo said Washington will take all actions necessary to guarantee safe navigation in the Middle East, as tensions mounted following attacks on tankers last week.

Oil prices rose on Monday after US Secretary of State Mike Pompeo said Washington will take all actions necessary to guarantee safe navigation in the Middle East, as tensions mounted following attacks on tankers last week. Brent futures had climbed 26 cents, or 0.4%, to $62.27 a barrel by 0314 GMT. They gained 1.1% on Friday. US West Texas Intermediate (WTI) crude futures were up 17 cents, or 0.3%, at $52.68 a barrel. They rose 0.4% in the previous session. Prices had jumped as much as 4.5% on Thursday after the attacks on two oil tankers near Iran and the Strait of Hormuz. It was the second time in a month tankers have been attacked in the world's most important zone for oil supplies as tensions increase between the United States and Iran. Washington blamed Iran for Thursday's attacks, prompting a denial and criticism from Tehran. "We don't want war. We've done what we can to deter this," Pompeo said in an interview with Fox News Sunday, adding: "The Iranians should understand very clearly that we will continue to take actions that deter Iran from engaging in this kind of behaviour". Tensions between Iran and the United States have risen since US President Donald Trump pulled out of a deal last year between Iran and global powers that aimed to curb Tehran's nuclear ambitions in exchange for sanctions relief. Iran has repeatedly warned it would block the Strait of Hormuz if it cannot sell its oil because of US sanctions. "Growing tensions in the Middle East remain a cause for concern as traders fear supply disruptions over an escalation towards militaristic conflicts," said Benjamin Lu, an analyst at Phillip Futures in Singapore. Also supporting prices were comments over the weekend by the Saudi energy minister, Khalid al-Falih, that OPEC would probably meet in the first week of July and he hoped it would reach an agreement on extending oil output curbs. "We are hoping that we will reach consensus to extend our agreement when we meet in two weeks time in Vienna," Falih told reporters while attending a G20 energy and environment ministerial meeting in Karuizawa, northwest of Tokyo. The Organization of the Petroleum Exporting Countries plus Russia and other producers, an alliance known as OPEC+, have a deal to cut output by 1.2 million barrels per day (bpd) from January 1. The pact ends this month and the group meets in coming weeks to decide the next move. US energy companies also cut the number of oil rigs operating for a second week in a row, with production growth expected to slow as crude prices fell to near their lowest levels of the year.

Oil prices rise after tanker attacks stoke Middle East tensions

Oil prices settled 2.2 per cent&nbsp;higher on Thursday after attacks on<a href="https://www.wionews.com/world/iran-behind-tanker-attack-in-gulf-of-oman-us-acting-ambassador-jonathan-cohen-226968"> two oil tankers in the Gulf of Oman</a> stoked concerns of reduced crude trade flows through one of the world's key shipping routes.

The attacks near Iran and the <a href="https://www.wionews.com/world/tanker-attacks-in-gulf-of-oman-stoke-security-and-oil-fears-226939">Strait of Hormuz reignited worries </a>about an impact to flows from the Middle East if insurance companies begin to reduce coverage for voyages through the region and additional shipping companies suspend new bookings, analysts said.

Such a disruption "could further exacerbate the supply problem," said Andy Lipow, an analyst at Lipow Oil Associates in Houston.

Brent crude futures settled up $1.34, or 2.23%, at $61.31, having risen as much as 4.5% to $62.64.

US&nbsp;West Texas Intermediate crude futures were up $1.14, or 2.23%, at $52.28 a barrel. WTI earlier rose as much as 4.5% to $53.45.

US&nbsp;stocks rose after two days of declines, with the S&amp;P energy index rising the most among the 11 major S&amp;P sectors.

Oil tanker owners DHT Holdings and Heidmar suspended new bookings to the Mid-East Gulf, three ship brokers said.

"This is the second attack in a month's time," said John Kilduff, a partner at Again Capital LLC in New York. "It raises the ante for insurance risk."

Tensions in the Middle East have escalated since US&nbsp;President Donald Trump withdrew from a 2015 multinational nuclear pact with Iran and reimposed sanctions, notably targeting Tehran's oil exports.

Iran, which has distanced itself from the previous attacks, has said it would not be cowed by what it called psychological warfare.

The episode also fed fears of a new confrontation between Iran and the United States, which blamed Tehran for the incident.

US&nbsp;Secretary of State Mike Pompeo said the United States has assessed Iran was behind the attacks, and arrived at its conclusion based on intelligence, weapons used and the level of expertise needed for the attacks on the tankers in the Gulf of Oman.

Also supporting oil bulls were signs that Organization of the Petroleum Exporting Countries (OPEC) members were close to agreeing on continued production cuts.

However, Analysts said the price swings were subdued by recent grim forecasts for global crude demand.

"It's a surprise that the market reaction has been so muted," said Derek Brower, a director at RS Energy Group. "For traders, worries about the weakening global oil-demand picture are front of mind and enough to trump real, live geopolitical threats to physical supply."

Global crude demand growth will come in at 70,000 barrels per day (bpd) less than previously expected this year, around 1.14 million bpd, OPEC projected in its monthly oil market report.

"Significant downside risks from escalating trade disputes spilling over to global demand growth remain," OPEC said in the report.

The US&nbsp;Energy Department this week lowered its forecast of global demand to 1.2 million bpd, down by 200,000 bpd from its May forecast.

Analysts have also revised global oil demand growth forecasts lower after the US-China trade war has escalated since last month with an expanding exchange of tariffs.

Energy consultancy FGE and British bank Barclays this week revised down their global oil demand growth forecasts to around 1 million bpd from around 1.3 million bpd.

The forecast revisions come as investors grow increasingly worried about trade talks between the United States and China, which may be revived at the G20 summit in Japan in late June.

"The market has settled into the idea that trade negotiations will be protracted," said Harry Tchilinguirian, global head of commodities research at BNP Paribas. "Naturally, the extension of trade disputes could weigh on economic growth."

Both crude benchmarks are set for their biggest daily rises since early January, but they are nevertheless headed for a weekly loss.

Oil prices had slumped in the previous session on an unexpected rise in US&nbsp;crude stockpiles and a dimming outlook for global oil demand.

Oil prices settled 2.2 per cent higher on Thursday after attacks on two oil tankers in the Gulf of Oman stoked concerns of reduced crude trade flows through one of the world's key shipping routes.

Oil prices settled 2.2 per cent higher on Thursday after attacks on two oil tankers in the Gulf of Oman stoked concerns of reduced crude trade flows through one of the world's key shipping routes. The attacks near Iran and the Strait of Hormuz reignited worries about an impact to flows from the Middle East if insurance companies begin to reduce coverage for voyages through the region and additional shipping companies suspend new bookings, analysts said. Such a disruption "could further exacerbate the supply problem," said Andy Lipow, an analyst at Lipow Oil Associates in Houston. Brent crude futures settled up $1.34, or 2.23%, at $61.31, having risen as much as 4.5% to $62.64. US West Texas Intermediate crude futures were up $1.14, or 2.23%, at $52.28 a barrel. WTI earlier rose as much as 4.5% to $53.45. US stocks rose after two days of declines, with the S&P energy index rising the most among the 11 major S&P sectors. Oil tanker owners DHT Holdings and Heidmar suspended new bookings to the Mid-East Gulf, three ship brokers said. "This is the second attack in a month's time," said John Kilduff, a partner at Again Capital LLC in New York. "It raises the ante for insurance risk." Tensions in the Middle East have escalated since US President Donald Trump withdrew from a 2015 multinational nuclear pact with Iran and reimposed sanctions, notably targeting Tehran's oil exports. Iran, which has distanced itself from the previous attacks, has said it would not be cowed by what it called psychological warfare. The episode also fed fears of a new confrontation between Iran and the United States, which blamed Tehran for the incident. US Secretary of State Mike Pompeo said the United States has assessed Iran was behind the attacks, and arrived at its conclusion based on intelligence, weapons used and the level of expertise needed for the attacks on the tankers in the Gulf of Oman. Also supporting oil bulls were signs that Organization of the Petroleum Exporting Countries (OPEC) members were close to agreeing on continued production cuts. However, Analysts said the price swings were subdued by recent grim forecasts for global crude demand. "It's a surprise that the market reaction has been so muted," said Derek Brower, a director at RS Energy Group. "For traders, worries about the weakening global oil-demand picture are front of mind and enough to trump real, live geopolitical threats to physical supply." Global crude demand growth will come in at 70,000 barrels per day (bpd) less than previously expected this year, around 1.14 million bpd, OPEC projected in its monthly oil market report. "Significant downside risks from escalating trade disputes spilling over to global demand growth remain," OPEC said in the report. The US Energy Department this week lowered its forecast of global demand to 1.2 million bpd, down by 200,000 bpd from its May forecast. Analysts have also revised global oil demand growth forecasts lower after the US-China trade war has escalated since last month with an expanding exchange of tariffs. Energy consultancy FGE and British bank Barclays this week revised down their global oil demand growth forecasts to around 1 million bpd from around 1.3 million bpd. The forecast revisions come as investors grow increasingly worried about trade talks between the United States and China, which may be revived at the G20 summit in Japan in late June. "The market has settled into the idea that trade negotiations will be protracted," said Harry Tchilinguirian, global head of commodities research at BNP Paribas. "Naturally, the extension of trade disputes could weigh on economic growth." Both crude benchmarks are set for their biggest daily rises since early January, but they are nevertheless headed for a weekly loss. Oil prices had slumped in the previous session on an unexpected rise in US crude stockpiles and a dimming outlook for global oil demand.

Oil prices surge over tanker attack in Gulf of Oman

<a href="https://www.wionews.com/business-economy/oil-prices-fall-on-weak-demand-growth-rise-in-us-crude-stocks-226381">Oil prices fell</a> for a second day on Thursday, extending declines of as much as 4% in the previous session, on continued increases in <a href="https://www.wionews.com/world/oil-prices-fall-on-surging-us-crude-stockpiles-economic-concerns-220779">US &nbsp;crude stockpiles</a> and concerns about lower demand growth.

Brent crude futures were down 6 cents, or 0.1%, at $59.91 a barrel by 0336 GMT after earlier rising slightly. Prices fell 3.7% on Wednesday to settle at $59.97, the international benchmark's lowest close since Jan. 28.

US West Texas Intermediate crude futures were down 8 cents, or 0.2%, at $51.06 a barrel. They fell 4% in the previous session to $51.14, the lowest close since Jan. 14.

"It was a brutal move, sheer panic," said Stephen Innes, managing partner at Vanguard Markets.

The US Energy Information Administration (EIA) on Wednesday reported crude stockpiles rose unexpectedly for a second week in a row, climbing 2.2 million barrels last week after analysts had forecast a decrease of 481,000 barrels.

At 485.5 million barrels, US commercial stocks were at their highest since July 2017 and about 8% above the five-year average for this time of year, it said.

On Tuesday, the EIA cut its forecasts for 2019 world oil demand growth.

The negative outlook is prompting hedge fund managers to exit oil positions at the fastest rate since the fourth quarter of 2018 due to increasing fears about the health of the global economy.

The escalating trade war between the United States and China, the world's two biggest oil consumers, is causing the most concern among oil analysts, with consultants and banks cutting their demand growth forecasts.

Goldman Sachs said on Wednesday an uncertain macroeconomic outlook and volatile oil production from Iran and others could cause the Organization of the Petroleum Exporting Countries (OPEC) to roll oversupply cuts it has enacted with other producers.

OPEC and non-member producers including Russia have limited their oil output by 1.2 million barrels per day this year to prop up prices.

OPEC is set to meet at the end of June through a meeting of the wider producers that agreed to the cuts, known as OPEC+, may not occur until early July.

While officials from some OPEC members have said that the larger OPEC+ group will likely roll over the cuts, Algeria has proposed increasing the reductions, according to four sources familiar with the matter.

However, Goldman believes the producers will maintain the current supply levels.

"Fundamental uncertainty on the current and forward states of the global oil market is high," Goldman said.

"We believe that this will lead the group to roll forward its current agreement, with likely no change to country level quotas given the difficulty in determining required production levels in coming months," the bank's analysts said.

Oil prices fell for a second day on Thursday, extending declines of as much as 4% in the previous session, on continued increases in US crude stockpiles and concerns about lower demand growth.

Oil prices fell for a second day on Thursday, extending declines of as much as 4% in the previous session, on continued increases in US crude stockpiles and concerns about lower demand growth. Brent crude futures were down 6 cents, or 0.1%, at $59.91 a barrel by 0336 GMT after earlier rising slightly. Prices fell 3.7% on Wednesday to settle at $59.97, the international benchmark's lowest close since Jan. 28. US West Texas Intermediate crude futures were down 8 cents, or 0.2%, at $51.06 a barrel. They fell 4% in the previous session to $51.14, the lowest close since Jan. 14. "It was a brutal move, sheer panic," said Stephen Innes, managing partner at Vanguard Markets. The US Energy Information Administration (EIA) on Wednesday reported crude stockpiles rose unexpectedly for a second week in a row, climbing 2.2 million barrels last week after analysts had forecast a decrease of 481,000 barrels. At 485.5 million barrels, US commercial stocks were at their highest since July 2017 and about 8% above the five-year average for this time of year, it said. On Tuesday, the EIA cut its forecasts for 2019 world oil demand growth. The negative outlook is prompting hedge fund managers to exit oil positions at the fastest rate since the fourth quarter of 2018 due to increasing fears about the health of the global economy. The escalating trade war between the United States and China, the world's two biggest oil consumers, is causing the most concern among oil analysts, with consultants and banks cutting their demand growth forecasts. Goldman Sachs said on Wednesday an uncertain macroeconomic outlook and volatile oil production from Iran and others could cause the Organization of the Petroleum Exporting Countries (OPEC) to roll oversupply cuts it has enacted with other producers. OPEC and non-member producers including Russia have limited their oil output by 1.2 million barrels per day this year to prop up prices. OPEC is set to meet at the end of June through a meeting of the wider producers that agreed to the cuts, known as OPEC+, may not occur until early July. While officials from some OPEC members have said that the larger OPEC+ group will likely roll over the cuts, Algeria has proposed increasing the reductions, according to four sources familiar with the matter. However, Goldman believes the producers will maintain the current supply levels. "Fundamental uncertainty on the current and forward states of the global oil market is high," Goldman said. "We believe that this will lead the group to roll forward its current agreement, with likely no change to country level quotas given the difficulty in determining required production levels in coming months," the bank's analysts said.

Oil extends decline after slump on high inventories, demand outlook

&nbsp;<a href="https://www.wionews.com/world/oil-prices-fall-on-surging-us-crude-stockpiles-economic-concerns-220779">Oil prices fell </a>more than 2% on Wednesday, weighed down by a weaker outlook for demand and a rise in US crude inventories despite expectations of extended supply cuts led by OPEC.

Brent crude futures, the international benchmark for oil prices, were down $1.54, or 2.47%, at $60.75 a barrel by 1110 GMT.

US West Texas Intermediate crude futures were down $1.46, or 2.74%, at $51.81.

The US Energy Information Administration (EIA) cut its forecasts for 2019 world oil demand growth and US crude production on Tuesday.

A surprise increase in US crude stockpiles also kept oil prices under pressure.

"Yesterday’s bout of paralysis is giving way to a fresh slide in prices as market players fret over a swelling glut in US oil stockpiles," brokerage firm PVM said in a daily note.

US crude inventories rose by 4.9 million barrels in the week ended June 7 to 482.8 million barrels, data from the American Petroleum Institute (API) showed on Tuesday. That compared with analyst expectations for a decrease of 481,000 barrels.&nbsp;

Trade tensions between the United States and China, the world's two biggest oil consumers, also weighed on prices. US President Donald Trump said he was holding up a trade deal with China.

European shares pulled back from three-week highs on Wednesday as this month's recovery rally ran out of steam on the back of soft Chinese factory activity and trade frictions.

Hedge fund managers are liquidating bullish oil positions at the fastest rate since the fourth quarter of 2018.

With the next meeting of the Organisation of the Petroleum Exporting Countries set for the end of June, the market is looking at whether the world's major oil producers will prolong their supply cuts.

OPEC, along with non-members including Russia, have limited their oil output by 1.2 million barrels per day since the start of the year to prop up prices.

Goldman Sachs said in a note that an uncertain macroeconomic outlook and volatile oil production from Iran and others could lead OPEC to roll oversupply cuts.

"We expect such an outcome to only be modestly supportive of prices with our third-quarter Brent forecast at $65.5 per barrel," Goldman added.

The energy minister of the United Arab Emirates, Suhail bin Mohammed al-Mazroui, said on Tuesday that OPEC members were close to reaching an agreement on continuing production cuts.

OPEC is set to meet on June 25, followed by talks with its allies led by Russia on June 26. But Russia suggested a date change to July 3 to 4, sources within the group previously told Reuters.

Oil prices fell more than 2% on Wednesday, weighed down by a weaker outlook for demand and a rise in US crude inventories despite expectations of extended supply cuts led by OPEC.

Oil prices fell more than 2% on Wednesday, weighed down by a weaker outlook for demand and a rise in US crude inventories despite expectations of extended supply cuts led by OPEC. Brent crude futures, the international benchmark for oil prices, were down $1.54, or 2.47%, at $60.75 a barrel by 1110 GMT. US West Texas Intermediate crude futures were down $1.46, or 2.74%, at $51.81. The US Energy Information Administration (EIA) cut its forecasts for 2019 world oil demand growth and US crude production on Tuesday. A surprise increase in US crude stockpiles also kept oil prices under pressure. "Yesterday’s bout of paralysis is giving way to a fresh slide in prices as market players fret over a swelling glut in US oil stockpiles," brokerage firm PVM said in a daily note. US crude inventories rose by 4.9 million barrels in the week ended June 7 to 482.8 million barrels, data from the American Petroleum Institute (API) showed on Tuesday. That compared with analyst expectations for a decrease of 481,000 barrels. Trade tensions between the United States and China, the world's two biggest oil consumers, also weighed on prices. US President Donald Trump said he was holding up a trade deal with China. European shares pulled back from three-week highs on Wednesday as this month's recovery rally ran out of steam on the back of soft Chinese factory activity and trade frictions. Hedge fund managers are liquidating bullish oil positions at the fastest rate since the fourth quarter of 2018. With the next meeting of the Organisation of the Petroleum Exporting Countries set for the end of June, the market is looking at whether the world's major oil producers will prolong their supply cuts. OPEC, along with non-members including Russia, have limited their oil output by 1.2 million barrels per day since the start of the year to prop up prices. Goldman Sachs said in a note that an uncertain macroeconomic outlook and volatile oil production from Iran and others could lead OPEC to roll oversupply cuts. "We expect such an outcome to only be modestly supportive of prices with our third-quarter Brent forecast at $65.5 per barrel," Goldman added. The energy minister of the United Arab Emirates, Suhail bin Mohammed al-Mazroui, said on Tuesday that OPEC members were close to reaching an agreement on continuing production cuts. OPEC is set to meet on June 25, followed by talks with its allies led by Russia on June 26. But Russia suggested a date change to July 3 to 4, sources within the group previously told Reuters.

Oil falls over 2% on weaker demand growth, gain in US crude stocks

Oil prices fell more than 1 per cent on Wednesday, weighed down by a weaker oil demand outlook and a rise in <a href="https://www.wionews.com/business-economy/oil-rises-as-saudi-sees-producers-sticking-with-ongoing-supply-cuts-225845">US crude inventories</a> despite growing expectations of ongoing OPEC-led supply cuts.

Brent crude futures, the international benchmark for oil prices, were down 87 cents, or 1.4 per cent, at $61.42 a barrel.

US West Texas Intermediate (WTI) crude futures were down 85 cents, or 1.6 per cent, at $52.41 per barrel.

The US Energy Information Administration (EIA) cut its forecasts for 2019 world oil demand growth and US crude oil production in a monthly report released on Tuesday.

The EIA lowered its 2019 world oil demand growth forecast by 160,000 barrels per day (bpd) to 1.22 million bpd and wound back its forecast for 2019 US crude production to 12.32 million bpd, 140,000 bpd less than the May forecast.

A surprise increase in US crude stockpiles also kept oil prices under pressure.

"Investors have been concerned about the recent rise in stockpiles in the US," ANZ bank said in a note.

US crude inventories rose by 4.9 million barrels in the week ended June 7 to 482.8 million barrels, according to data from the American Petroleum Institute (API) on Tuesday. That compared with analysts' expectations for a decrease of 481,000 barrels.

Official data from the Energy Information Administration (EIA) is due at 10:30 a.m. EDT (1430 GMT) on Wednesday.

Alongside concerns about rising supply, ongoing trade tensions between the United States and China, the world's two biggest oil consumers, weighed on prices. US President Donald Trump said on Tuesday he was holding up a trade deal with China.

"Oil prices have struggled to retain bullish gains as traders stay cautious over heightened geopolitical risks and persistent weakness in the global economic backdrop," said Benjamin Lu, commodities analyst at Phillips Future in Singapore.

With the next meeting of the Organization of the Petroleum Exporting Countries (OPEC) set for the end of June, the market is eyeing whether the world's major oil producers would prolong their supply cuts.

OPEC, along with non-members including Russia in a group called OPEC+, have limited their oil output by 1.2 million bpd since the start of the year to prop up prices.

The Energy Minister for the United Arab Emirates Suhail bin Mohammed al-Mazroui said on Tuesday that OPEC members were close to reaching an agreement on continuing production cuts.

OPEC is set to meet on June 25, followed by talks with its allies led by Russia on June 26. But Russia suggested a date change to July 3 to 4, sources within the group previously told Reuters.

Oil prices fell more than 1 per cent on Wednesday, weighed down by a weaker oil demand outlook and a rise in US crude inventories despite growing expectations of ongoing OPEC-led supply cuts.

Oil prices fell more than 1 per cent on Wednesday, weighed down by a weaker oil demand outlook and a rise in US crude inventories despite growing expectations of ongoing OPEC-led supply cuts. Brent crude futures, the international benchmark for oil prices, were down 87 cents, or 1.4 per cent, at $61.42 a barrel. US West Texas Intermediate (WTI) crude futures were down 85 cents, or 1.6 per cent, at $52.41 per barrel. The US Energy Information Administration (EIA) cut its forecasts for 2019 world oil demand growth and US crude oil production in a monthly report released on Tuesday. The EIA lowered its 2019 world oil demand growth forecast by 160,000 barrels per day (bpd) to 1.22 million bpd and wound back its forecast for 2019 US crude production to 12.32 million bpd, 140,000 bpd less than the May forecast. A surprise increase in US crude stockpiles also kept oil prices under pressure. "Investors have been concerned about the recent rise in stockpiles in the US," ANZ bank said in a note. US crude inventories rose by 4.9 million barrels in the week ended June 7 to 482.8 million barrels, according to data from the American Petroleum Institute (API) on Tuesday. That compared with analysts' expectations for a decrease of 481,000 barrels. Official data from the Energy Information Administration (EIA) is due at 10:30 a.m. EDT (1430 GMT) on Wednesday. Alongside concerns about rising supply, ongoing trade tensions between the United States and China, the world's two biggest oil consumers, weighed on prices. US President Donald Trump said on Tuesday he was holding up a trade deal with China. "Oil prices have struggled to retain bullish gains as traders stay cautious over heightened geopolitical risks and persistent weakness in the global economic backdrop," said Benjamin Lu, commodities analyst at Phillips Future in Singapore. With the next meeting of the Organization of the Petroleum Exporting Countries (OPEC) set for the end of June, the market is eyeing whether the world's major oil producers would prolong their supply cuts. OPEC, along with non-members including Russia in a group called OPEC+, have limited their oil output by 1.2 million bpd since the start of the year to prop up prices. The Energy Minister for the United Arab Emirates Suhail bin Mohammed al-Mazroui said on Tuesday that OPEC members were close to reaching an agreement on continuing production cuts. OPEC is set to meet on June 25, followed by talks with its allies led by Russia on June 26. But Russia suggested a date change to July 3 to 4, sources within the group previously told Reuters.

Oil prices fall on weak demand growth, rise in US crude stocks

Oil prices rose around one per cent on Friday to move further away<a href="https://www.wionews.com/business-economy/international-oil-prices-fall-below-60-per-barrel-recovers-slightly-amid-rising-us-supply-stalling-economy-224824"> from five-month lows hit earlier</a> in the week, buoyed by a report that Washington could postpone trade tariffs on Mexico and signs OPEC and other producers may extend crude supply cuts.

Brent crude futures were up 50 cents, or 0.8 per cent, at $62.17 a barrel, having risen earlier to $62.41. They gained 1.7 per cent on Thursday.

US West Texas Intermediate crude futures were up 50 cents, or one per cent, at $53.09 per barrel, after trading as high as $53.33. They finished the previous session 1.8 per cent higher.

On Wednesday, Brent and WTI sank to their lowest levels since mid-January at $59.45 and $50.60 respectively, after US crude production hit a new record-high and stockpiles climbed to their highest since July 2017.

By then, both contracts were in bear-market territory, having lost more than 20 per cent from peaks reached in late April.

But on Thursday oil prices followed US stocks higher after Bloomberg News reported the United States is considering a delay in the tariffs on Mexico as talks continue.

"After prices hit the depth of the sewer this week, and (are) arguably in oversold territory, traders were always going to be predisposed to book profits ahead of the weekend," Stephen Innes, managing partner at Vanguard Markets said in a morning note.

Nevertheless, sentiment on prices remains dim as fresh signs emerge of a stalling global economy and ongoing concerns about growing US crude supply.

Prices had been supported by supply curbs by the Organization of the Petroleum Exporting Countries (OPEC) and some allies including Russia. Supply has also been limited by US sanctions on oil exports from Iran and Venezuela.

President Vladimir Putin said on Thursday that Russia had differences with OPEC over what constituted a fair price for oil, but that Moscow would take a joint decision on output at a policy meeting in coming weeks.

Oil prices rose around one per cent on Friday to move further away from five-month lows hit earlier in the week, buoyed by a report that Washington could postpone trade tariffs on Mexico and signs OPEC and other producers may extend crude supply cuts.

Oil prices rose around one per cent on Friday to move further away from five-month lows hit earlier in the week, buoyed by a report that Washington could postpone trade tariffs on Mexico and signs OPEC and other producers may extend crude supply cuts. Brent crude futures were up 50 cents, or 0.8 per cent, at $62.17 a barrel, having risen earlier to $62.41. They gained 1.7 per cent on Thursday. US West Texas Intermediate crude futures were up 50 cents, or one per cent, at $53.09 per barrel, after trading as high as $53.33. They finished the previous session 1.8 per cent higher. On Wednesday, Brent and WTI sank to their lowest levels since mid-January at $59.45 and $50.60 respectively, after US crude production hit a new record-high and stockpiles climbed to their highest since July 2017. By then, both contracts were in bear-market territory, having lost more than 20 per cent from peaks reached in late April. But on Thursday oil prices followed US stocks higher after Bloomberg News reported the United States is considering a delay in the tariffs on Mexico as talks continue. "After prices hit the depth of the sewer this week, and (are) arguably in oversold territory, traders were always going to be predisposed to book profits ahead of the weekend," Stephen Innes, managing partner at Vanguard Markets said in a morning note. Nevertheless, sentiment on prices remains dim as fresh signs emerge of a stalling global economy and ongoing concerns about growing US crude supply. Prices had been supported by supply curbs by the Organization of the Petroleum Exporting Countries (OPEC) and some allies including Russia. Supply has also been limited by US sanctions on oil exports from Iran and Venezuela. President Vladimir Putin said on Thursday that Russia had differences with OPEC over what constituted a fair price for oil, but that Moscow would take a joint decision on output at a policy meeting in coming weeks.

Oil prices rise over possible postponement of tariffs on Mexico, OPEC cuts

<a href="https://www.wionews.com/business-economy/oil-prices-fall-on-surging-us-crude-stockpiles-economic-concerns-221236">Oil prices resumed their slide</a> on Wednesday, dragged down by a surprise gain in US inventories and comments from the head of Russian state oil producer Rosneft questioning the point of a deal with OPEC to withhold supplies.

Brent futures were down 27 cents, or 0.4%, at $61.70 a barrel by 0152 GMT. They rose 1.1% on Tuesday after a near 13 per cent falls in the previous four sessions.

The US West Texas Intermediate crude was down by 32 cents, or 0.6%, at $53.16 a barrel. The US benchmark closed 0.4% higher on Tuesday.

Oil prices have fallen sharply on fears about slowing global demand but won a respite on Tuesday after a global stock market rally on hopes of a cut in US interest rates.

The US crude stocks rose unexpectedly last week, while gasoline and distillate inventories built more than expected, industry group the American Petroleum Institute said on Tuesday.

Crude inventories rose by 3.5 million barrels in the week to May 31 to 478 million, compared with analysts' expectations for a decrease of 849,000 barrels.

Official numbers from the US Energy Information Administration are due out later on Wednesday.

"It was a very bearish number and if confirmed by the EIA it will hammer prices," said Stephen Innes, managing partner at SPI Asset Management in Bangkok.

The oil market has been weighed down by concerns about slowing global growth from the US, Sino trade war and President Donald Trump's threats last week to place tariffs on Mexican imports.

To prevent oversupply and prop up the market, the Organization of the Petroleum Exporting Countries, together with allies including Russia, has been withholding production since the start of the year.

The group plans to decide later this month or in early July whether to continue the supply curbs.

But on Tuesday, the head of oil giant Rosneft, Igor Sechin, said Russia should pump at will and he would seek compensation from the government if cuts were extended.

Russia's average daily oil output has nonetheless dropped to a three-year-low after contaminated crude clogged its main export route.

Further pressuring oil prices and undermining OPEC's efforts to tighten the market has been surging US output to record highs, leading to more of its crude being exported.

"Does it make sense (for Russia) to reduce (oil output) if the U.S immediately takes (our) market share?" Sechin was quoted as saying by Interfax news agency.

"We have to defend our market share," he said.

Oil prices resumed their slide on Wednesday, dragged down by a surprise gain in US inventories and comments from the head of Russian state oil producer Rosneft questioning the point of a deal with OPEC to withhold supplies.

Oil prices resumed their slide on Wednesday, dragged down by a surprise gain in US inventories and comments from the head of Russian state oil producer Rosneft questioning the point of a deal with OPEC to withhold supplies. Brent futures were down 27 cents, or 0.4%, at $61.70 a barrel by 0152 GMT. They rose 1.1% on Tuesday after a near 13 per cent falls in the previous four sessions. The US West Texas Intermediate crude was down by 32 cents, or 0.6%, at $53.16 a barrel. The US benchmark closed 0.4% higher on Tuesday. Oil prices have fallen sharply on fears about slowing global demand but won a respite on Tuesday after a global stock market rally on hopes of a cut in US interest rates. The US crude stocks rose unexpectedly last week, while gasoline and distillate inventories built more than expected, industry group the American Petroleum Institute said on Tuesday. Crude inventories rose by 3.5 million barrels in the week to May 31 to 478 million, compared with analysts' expectations for a decrease of 849,000 barrels. Official numbers from the US Energy Information Administration are due out later on Wednesday. "It was a very bearish number and if confirmed by the EIA it will hammer prices," said Stephen Innes, managing partner at SPI Asset Management in Bangkok. The oil market has been weighed down by concerns about slowing global growth from the US, Sino trade war and President Donald Trump's threats last week to place tariffs on Mexican imports. To prevent oversupply and prop up the market, the Organization of the Petroleum Exporting Countries, together with allies including Russia, has been withholding production since the start of the year. The group plans to decide later this month or in early July whether to continue the supply curbs. But on Tuesday, the head of oil giant Rosneft, Igor Sechin, said Russia should pump at will and he would seek compensation from the government if cuts were extended. Russia's average daily oil output has nonetheless dropped to a three-year-low after contaminated crude clogged its main export route. Further pressuring oil prices and undermining OPEC's efforts to tighten the market has been surging US output to record highs, leading to more of its crude being exported. "Does it make sense (for Russia) to reduce (oil output) if the U.S immediately takes (our) market share?" Sechin was quoted as saying by Interfax news agency. "We have to defend our market share," he said.

Oil prices fall on rise in US inventories, supply worries

Fuel prices across the nation were slashed on Monday with petrol being sold at Rs 71.23 per litre, a cut of 0.7 paise in the national capital.

While the diesel price was reduced by 0.20 paise. It is now&nbsp;being sold at Rs 65.56 per litre.

Meanwhile, in Mumbai, petrol price was recorded at Rs 76.91 per litre and diesel at Rs 68.76 per litre

Petrol price in Chennai was revised to Rs 74.01 while diesel price was at 69.36.

In Kolkata, petrol is being sold at Rs 73.47. Diesel is being sold at Rs 67.48.

Amid the <a href="https://www.wionews.com/world/us-says-countries-buying-iranian-oil-will-be-subject-to-sanctions-223000">global economic slowdown</a>, oil prices have been falling for the past few days now.

On Tuesday, Brent crude futures, the international benchmark for oil prices, were at $60.88 at 0038 GMT. That was 40 cents, or 0.7%, below last session's close.

US West Texas Intermediate (WTI) crude futures were at $52.94 per barrel, down 31 cents, or 0.6%.

Crude oil futures are now around 20% below their 2018 peaks reached in late April.

Fuel prices across the nation were slashed on Monday with petrol being sold at Rs 71.23 per litre, a cut of 0.7 paise in the national capital. While the diesel price was reduced by 0.

Fuel prices across the nation were slashed on Monday with petrol being sold at Rs 71.23 per litre, a cut of 0.7 paise in the national capital. While the diesel price was reduced by 0.20 paise. It is now being sold at Rs 65.56 per litre. Meanwhile, in Mumbai, petrol price was recorded at Rs 76.91 per litre and diesel at Rs 68.76 per litre Petrol price in Chennai was revised to Rs 74.01 while diesel price was at 69.36. In Kolkata, petrol is being sold at Rs 73.47. Diesel is being sold at Rs 67.48. Amid the global economic slowdown, oil prices have been falling for the past few days now. On Tuesday, Brent crude futures, the international benchmark for oil prices, were at $60.88 at 0038 GMT. That was 40 cents, or 0.7%, below last session's close. US West Texas Intermediate (WTI) crude futures were at $52.94 per barrel, down 31 cents, or 0.6%. Crude oil futures are now around 20% below their 2018 peaks reached in late April.

Petrol prices cut 7 paise, diesel by 20 paise nationwide

Oil prices fell on Wednesday after industry data showed an increase in US crude inventories and as Saudi Arabia pledged to keep markets balanced.

Brent crude futures were down 38 cents, or 0.5 per cent, at $71.80 at barrel by 0219 GMT, having risen 21 cents on Tuesday.

US West Texas Intermediate (WTI) crude futures for July delivery were down 58 cents, or 0.9 per cent, at $62.55. The June contract expired on Tuesday, settling at $62.99 a barrel, down 11 cents.

The American Petroleum Institute(API) said on Tuesday that US&nbsp;crude stockpiles rose by 2.4 million barrels last week, to 480.2 million barrels, compared with analysts' expectations for a decrease of 599,000 barrels.

Official data from the US Energy Information Administration's oil stockpiles report is due later on Wednesday.

Outside the United States, Saudi Arabia on Wednesday said it was committed to a balanced and sustainable oil market.

Saudi Arabia has been at the forefront of supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC), of which the kingdom is the de-facto leader, which started in January and are aimed at reducing global oversupply that emerged in 2018.

Because of the cuts, Bank of America Merrill Lynch said crude output by OPEC and its allies fell by 2.3 million barrels per day (bpd) between November 2018 and April 2019. That has helped push up Brent crude prices by more than a third since the start of the year.

The bank said some of the cuts' impact was offset by a slowdown in global oil demand growth due to trade tensions to just 0.7 million bpd in the fourth quarter of 2018 and the first quarter of this year, versus a five-year average of 1.5 million bpd.

Beyond market fundamentals, oil traders are eying the tensions between the United States and Iran.

US President Donald Trump on Monday threatened Iran with "great force" if it attacked US interests in the Middle East.

On Tuesday, acting US Defense Secretary Patrick Shanahan said threats from Iran remained high.

Tensions have risen since Trump re-imposed sanctions on Iranian oil exports to try to strangle the country's economy and force Tehran to halt its nuclear programme. 
&nbsp;

Oil prices fell on Wednesday after industry data showed an increase in US crude inventories and as Saudi Arabia pledged to keep markets balanced. Brent crude futures were down 38 cents, or 0.

Oil prices fell on Wednesday after industry data showed an increase in US crude inventories and as Saudi Arabia pledged to keep markets balanced. Brent crude futures were down 38 cents, or 0.5 per cent, at $71.80 at barrel by 0219 GMT, having risen 21 cents on Tuesday. US West Texas Intermediate (WTI) crude futures for July delivery were down 58 cents, or 0.9 per cent, at $62.55. The June contract expired on Tuesday, settling at $62.99 a barrel, down 11 cents. The American Petroleum Institute(API) said on Tuesday that US crude stockpiles rose by 2.4 million barrels last week, to 480.2 million barrels, compared with analysts' expectations for a decrease of 599,000 barrels. Official data from the US Energy Information Administration's oil stockpiles report is due later on Wednesday. Outside the United States, Saudi Arabia on Wednesday said it was committed to a balanced and sustainable oil market. Saudi Arabia has been at the forefront of supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC), of which the kingdom is the de-facto leader, which started in January and are aimed at reducing global oversupply that emerged in 2018. Because of the cuts, Bank of America Merrill Lynch said crude output by OPEC and its allies fell by 2.3 million barrels per day (bpd) between November 2018 and April 2019. That has helped push up Brent crude prices by more than a third since the start of the year. The bank said some of the cuts' impact was offset by a slowdown in global oil demand growth due to trade tensions to just 0.7 million bpd in the fourth quarter of 2018 and the first quarter of this year, versus a five-year average of 1.5 million bpd. Beyond market fundamentals, oil traders are eying the tensions between the United States and Iran. US President Donald Trump on Monday threatened Iran with "great force" if it attacked US interests in the Middle East. On Tuesday, acting US Defense Secretary Patrick Shanahan said threats from Iran remained high. Tensions have risen since Trump re-imposed sanctions on Iranian oil exports to try to strangle the country's economy and force Tehran to halt its nuclear programme.

Oil slides on rising US crude stockpiles, Saudi Arabia vow to keep market balanced

Oil prices edged up on Tuesday on signs that producer club OPEC will continue withholding supply this year and as tensions between the United States and Iran escalated.

Brent crude futures, the international benchmark for oil prices, were at $72.07 per barrel at 0033 GMT, up 10 cents, or 0.1 per cent, from their last close.

US West Texas Intermediate (WTI) crude futures were up by 14 cents, or 0.2 per cent, at $63.24 per barrel.

"Oil prices opened higher, after OPEC held onto its production cut deal," said ANZ on Tuesday.

The Organization of the Petroleum Exporting Countries (OPEC), Russia and other non-member producers have been withholding production since the start of the year to prop up the market.

A meeting has been scheduled for June 25-26 to discuss the policy, but the cartel is now considering moving the event to July 3-4, according to OPEC sources on Monday, with its de-facto leader Saudi Arabia signalling a willingness to continue withholding output.

Meanwhile, US President Donald Trump on Monday threatened Iran with "great force" if it attacked US interests in the Middle East. This came after a rocket attack in Iraq's capital Baghdad, which Washington suspects to have been organised by militia with ties to Iran.

ANZ bank said the rising tension in the Middle East meant a "risk premium is reflected in the price" of crude oil.

Oil prices edged up on Tuesday on signs that producer club OPEC will continue withholding supply this year and as tensions between the United States and Iran escalated.

Oil prices edged up on Tuesday on signs that producer club OPEC will continue withholding supply this year and as tensions between the United States and Iran escalated. Brent crude futures, the international benchmark for oil prices, were at $72.07 per barrel at 0033 GMT, up 10 cents, or 0.1 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were up by 14 cents, or 0.2 per cent, at $63.24 per barrel. "Oil prices opened higher, after OPEC held onto its production cut deal," said ANZ on Tuesday. The Organization of the Petroleum Exporting Countries (OPEC), Russia and other non-member producers have been withholding production since the start of the year to prop up the market. A meeting has been scheduled for June 25-26 to discuss the policy, but the cartel is now considering moving the event to July 3-4, according to OPEC sources on Monday, with its de-facto leader Saudi Arabia signalling a willingness to continue withholding output. Meanwhile, US President Donald Trump on Monday threatened Iran with "great force" if it attacked US interests in the Middle East. This came after a rocket attack in Iraq's capital Baghdad, which Washington suspects to have been organised by militia with ties to Iran. ANZ bank said the rising tension in the Middle East meant a "risk premium is reflected in the price" of crude oil.

Oil prices rise on rising Middle East tension, ongoing OPEC supply cut

Oil prices pared their gains on Tuesday, after global benchmark Brent crude rose above $73 a barrel, as the market grew less worried that a <a href="https://www.wionews.com/world/calling-on-armed-forces-to-continue-operation-freedom-venezuelas-guaido-214896">rebellion against Venezuelan President Nicolas Maduro</a> would hit the country's crude exports.

Prices rose after Venezuelan opposition leader Juan Guaido called for military backing to end Maduro's rule, but pared gains after the government said state-run oil company PDVSA's operations were not disrupted and top military leaders remained loyal.

"The possibility that Guaido will take control of the situation isn't as strong as perceived this morning," said Bob Yawger, director of energy futures at Mizuho in New York. "If Maduro hangs on, you'll see the market stay lower."

Brent crude futures hit a session high of $73.27 per barrel and settled 76 cents, or 1.1 per cent, higher at $72.80. Last week, Brent hit a six-month high above $75.

US crude futures closed at $63.91, up 41 cents, or 0.7 per cent, on the day, after hitting a session high at $64.75.

Prices pared their gains further in post-settlement trade after industry group American Petroleum Institute reported that US crude inventories rose 6.8 million barrels last week, more than analysts' forecasts for a 1.5 million-barrel build. Official government data is due on Wednesday.

OPEC member Venezuela's oil exports have already been reduced by US sanctions on PDVSA and an economic crisis, helping to curb the Organization of the Petroleum Exporting Countries' production to a four-year low, according to a Reuters survey.

If Maduro's government remains in power for much longer, Venezuela's crude exports and output will continue to decline as the OPEC producer wrestles with power outages and other problems, analysts said.

"The situation appears to be getting much worse, rather than better," said Phillip Streible, senior commodities strategist at RJO Futures in Chicago. "Their oil production is going to continue to slide."

Earlier, crude prices drew support when Saudi Arabia Energy Minister Khalid al-Falih said a deal between producers to cut output could be extended to the end of 2019. US President Donald Trump has pressured OPEC to raise output as Washington has tightened sanctions against Iran.

OPEC and other allies led by Russia have agreed to cut output by around 1.2 million bpd for six months until the end of June. The group meets in Vienna on June 25-26 to decide on next steps.

Also supporting prices was government data showing that US crude production fell in February for the second month in a row, sliding 187,000 barrels per day (bpd) to 11.7 million bpd.

"That's modestly supportive of prices," said John Kilduff, a partner at Again Capital LLC in New York. "We saw a pullback in operations in reaction to lower prices from last year. It shows the march forward to ever-higher production isn't limitless."

Rising output to record levels has made the US the top global oil producer, helping to boost domestic crude stocks to their highest since October 2017.

Oil prices pared their gains on Tuesday, after global benchmark Brent crude rose above $73 a barrel, as the market grew less worried that a rebellion against Venezuelan President Nicolas Maduro would hit the country's crude exports.

Oil prices pared their gains on Tuesday, after global benchmark Brent crude rose above $73 a barrel, as the market grew less worried that a rebellion against Venezuelan President Nicolas Maduro would hit the country's crude exports. Prices rose after Venezuelan opposition leader Juan Guaido called for military backing to end Maduro's rule, but pared gains after the government said state-run oil company PDVSA's operations were not disrupted and top military leaders remained loyal. "The possibility that Guaido will take control of the situation isn't as strong as perceived this morning," said Bob Yawger, director of energy futures at Mizuho in New York. "If Maduro hangs on, you'll see the market stay lower." Brent crude futures hit a session high of $73.27 per barrel and settled 76 cents, or 1.1 per cent, higher at $72.80. Last week, Brent hit a six-month high above $75. US crude futures closed at $63.91, up 41 cents, or 0.7 per cent, on the day, after hitting a session high at $64.75. Prices pared their gains further in post-settlement trade after industry group American Petroleum Institute reported that US crude inventories rose 6.8 million barrels last week, more than analysts' forecasts for a 1.5 million-barrel build. Official government data is due on Wednesday. OPEC member Venezuela's oil exports have already been reduced by US sanctions on PDVSA and an economic crisis, helping to curb the Organization of the Petroleum Exporting Countries' production to a four-year low, according to a Reuters survey. If Maduro's government remains in power for much longer, Venezuela's crude exports and output will continue to decline as the OPEC producer wrestles with power outages and other problems, analysts said. "The situation appears to be getting much worse, rather than better," said Phillip Streible, senior commodities strategist at RJO Futures in Chicago. "Their oil production is going to continue to slide." Earlier, crude prices drew support when Saudi Arabia Energy Minister Khalid al-Falih said a deal between producers to cut output could be extended to the end of 2019. US President Donald Trump has pressured OPEC to raise output as Washington has tightened sanctions against Iran. OPEC and other allies led by Russia have agreed to cut output by around 1.2 million bpd for six months until the end of June. The group meets in Vienna on June 25-26 to decide on next steps. Also supporting prices was government data showing that US crude production fell in February for the second month in a row, sliding 187,000 barrels per day (bpd) to 11.7 million bpd. "That's modestly supportive of prices," said John Kilduff, a partner at Again Capital LLC in New York. "We saw a pullback in operations in reaction to lower prices from last year. It shows the march forward to ever-higher production isn't limitless." Rising output to record levels has made the US the top global oil producer, helping to boost domestic crude stocks to their highest since October 2017.

Oil pares gains as fears ease on Venezuelan exports

<a href="https://www.wionews.com/world/if-us-stops-one-method-for-iran-oil-export-we-will-find-another-way-president-rouhani-214686">US sanctions on Iran</a> could boost oil prices and inflation to a point that hurts the common person in India, the country's ambassador to the United States said on Tuesday after the Trump administration said it would end waivers for <a href="https://www.wionews.com/world/us-oil-sanctions-wont-go-without-response-iran-213205">Iran</a>'s oil buyers.

President Donald Trump's efforts to sink Iran's oil exports to zero will have a direct impact on India, the largest buyer of the oil after China, Harsh Vardhan Shringla, the ambassador, said at a Carnegie Endowment event.

"We are apprehensive that that impact can translate into inflation, (and) higher oil prices," that could affect the common person in India, Shringla said.

Trump's sanctions on Iran are intended to curb its nuclear and ballistic missile programme and reduce its influence in Syria, Yemen and other countries in the Middle East.

Many of India's oil refineries are calibrated to process crude oil from Iran and "it is not possible to suddenly convert those refineries (to run )some other form of crude," Shringla said. Cutting off sales of oil from Iran, with which India has long had business and cultural relations, raises questions about long-term agreements on pricing and quality in the oil business, he said.

The Trump administration surprised Iran's oil customers, including India, China and Turkey, last week by saying no waivers on the sanctions would be granted after May 1, ending six months of exceptions to the sanctions for reductions in purchases.

Trump reimposed the sanctions last year after removing Washington from a 2015 international pact with Tehran designed to curb its nuclear programme.

India's Petroleum and Natural Gas Minister Dharmendra Pradhan said last week that India will get additional supplies from other major oil-producing countries to compensate for the loss of Iranian crude.

But US-based critics of Trump's sanctions have said that over the long term even US allies will tire of having to comply with the measures and that smuggling of the oil could eventually rise.

Shringla, who became ambassador in January after a diplomatic career of 35 years, said India understands Washington has issues with Iran. But excessive use of sanctions can at a certain stage become counterproductive, especially when administered by one country alone, and "affect friend and foe alike," he said.

US sanctions on Iran could boost oil prices and inflation to a point that hurts the common person in India, the country's ambassador to the United States said on Tuesday after the Trump administration said it would end waivers for Iran's oil buyers.

US sanctions on Iran could boost oil prices and inflation to a point that hurts the common person in India, the country's ambassador to the United States said on Tuesday after the Trump administration said it would end waivers for Iran's oil buyers. President Donald Trump's efforts to sink Iran's oil exports to zero will have a direct impact on India, the largest buyer of the oil after China, Harsh Vardhan Shringla, the ambassador, said at a Carnegie Endowment event. "We are apprehensive that that impact can translate into inflation, (and) higher oil prices," that could affect the common person in India, Shringla said. Trump's sanctions on Iran are intended to curb its nuclear and ballistic missile programme and reduce its influence in Syria, Yemen and other countries in the Middle East. Many of India's oil refineries are calibrated to process crude oil from Iran and "it is not possible to suddenly convert those refineries (to run )some other form of crude," Shringla said. Cutting off sales of oil from Iran, with which India has long had business and cultural relations, raises questions about long-term agreements on pricing and quality in the oil business, he said. The Trump administration surprised Iran's oil customers, including India, China and Turkey, last week by saying no waivers on the sanctions would be granted after May 1, ending six months of exceptions to the sanctions for reductions in purchases. Trump reimposed the sanctions last year after removing Washington from a 2015 international pact with Tehran designed to curb its nuclear programme. India's Petroleum and Natural Gas Minister Dharmendra Pradhan said last week that India will get additional supplies from other major oil-producing countries to compensate for the loss of Iranian crude. But US-based critics of Trump's sanctions have said that over the long term even US allies will tire of having to comply with the measures and that smuggling of the oil could eventually rise. Shringla, who became ambassador in January after a diplomatic career of 35 years, said India understands Washington has issues with Iran. But excessive use of sanctions can at a certain stage become counterproductive, especially when administered by one country alone, and "affect friend and foe alike," he said.

India apprehensive Iran sanctions could boost oil, inflation

Oil prices dipped on Tuesday on expectations rising output from the United States and producer club OPEC would offset most of the shortfall expected from US sanctions on Iran, but analysts said markets remained tight.

Brent crude futures were at $71.86 per barrel at 0103 GMT, down 18 cents, or 0.3 per cent, from their last close.

US West Texas Intermediate (WTI) crude futures were at $63.42 per barrel, down 8 cents from their previous settlement.

Oil prices surged by around 40 per cent between January and April, lifted by supply cuts led by the Middle East-dominated producer club of the Organization of the Petroleum Exporting Countries (OPEC) as well as by US&nbsp;sanctions on producers Iran and Venezuela.

But prices came under downward pressure late last week after US&nbsp;President Donald Trump openly pressured OPEC and its de-facto leader Saudi Arabia to raise output to meet the supply shortfall caused by the tightening Iran sanctions.

Stephen Innes, head of trading at SPI Asset Management, said the producer group "will want to avoid at all cost oil prices surging to levels that will trigger demand devastation, (while) it is clearly in OPEC's best interest to maintain a solid floor on prices".

Bank of America Merrill Lynch said, "Iranian oil production will fall to 1.9 million barrels per day in 2H19 from 3.6 million barrels per day in 3Q18 as US sanctions kick in and waivers eventually expire".

Despite this, the bank said it expected "a nearly balanced market in 2019" as output from OPEC and also the United States will rise.

French bank BNP Paribas said it expected oil prices "to rise in the near-term" as crude producers were "over-tightening the market in the face of unplanned supply outages and resilient oil demand".

The bank said it expected crude markets to climb until the third quarter of 2019, adding that prices would then "start to become vulnerable to a sharp rise in US exports of light crude thanks to pipeline and terminal capacity expansion".

US exports exceeded 3 million barrels per day (bpd) for the first time in early 2019 amid a more than 2 million bpd production surge over the past year, to a record of more than 12 million bpd.

BNP Paribas said it saw WTI averaging $63 per barrel in 2019, up $2 from its previous forecast, while Brent will average $71 per barrel, up $3 from an earlier estimate.

"In 2020, we see WTI averaging $64 per barrel and Brent $68 per barrel," the bank said.

Oil prices dipped on Tuesday on expectations rising output from the United States and producer club OPEC would offset most of the shortfall expected from US sanctions on Iran, but analysts said markets remained tight.

Oil prices dipped on Tuesday on expectations rising output from the United States and producer club OPEC would offset most of the shortfall expected from US sanctions on Iran, but analysts said markets remained tight. Brent crude futures were at $71.86 per barrel at 0103 GMT, down 18 cents, or 0.3 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were at $63.42 per barrel, down 8 cents from their previous settlement. Oil prices surged by around 40 per cent between January and April, lifted by supply cuts led by the Middle East-dominated producer club of the Organization of the Petroleum Exporting Countries (OPEC) as well as by US sanctions on producers Iran and Venezuela. But prices came under downward pressure late last week after US President Donald Trump openly pressured OPEC and its de-facto leader Saudi Arabia to raise output to meet the supply shortfall caused by the tightening Iran sanctions. Stephen Innes, head of trading at SPI Asset Management, said the producer group "will want to avoid at all cost oil prices surging to levels that will trigger demand devastation, (while) it is clearly in OPEC's best interest to maintain a solid floor on prices". Bank of America Merrill Lynch said, "Iranian oil production will fall to 1.9 million barrels per day in 2H19 from 3.6 million barrels per day in 3Q18 as US sanctions kick in and waivers eventually expire". Despite this, the bank said it expected "a nearly balanced market in 2019" as output from OPEC and also the United States will rise. French bank BNP Paribas said it expected oil prices "to rise in the near-term" as crude producers were "over-tightening the market in the face of unplanned supply outages and resilient oil demand". The bank said it expected crude markets to climb until the third quarter of 2019, adding that prices would then "start to become vulnerable to a sharp rise in US exports of light crude thanks to pipeline and terminal capacity expansion". US exports exceeded 3 million barrels per day (bpd) for the first time in early 2019 amid a more than 2 million bpd production surge over the past year, to a record of more than 12 million bpd. BNP Paribas said it saw WTI averaging $63 per barrel in 2019, up $2 from its previous forecast, while Brent will average $71 per barrel, up $3 from an earlier estimate. "In 2020, we see WTI averaging $64 per barrel and Brent $68 per barrel," the bank said.

Oil dips as rising OPEC, US output seen making up for Iran sanctions shortfall

Oil prices fell on Monday, extending a slump from Friday that ended weeks of rallying, after President Donald Trump demanded that producer club OPEC raise output to soften the impact of US sanctions against Iran.

Brent crude futures were at $71.80 per barrel at 0215 GMT, down 35 cents, or 0.5 per cent, from their last close.

US West Texas Intermediate (WTI) crude futures were at $62.91 per barrel, down 39 cents, or 0.6 per cent, from their previous settlement.

Both benchmarks fell around 3 per cent in the previous session.

ANZ bank said on Monday oil prices "took a hit after President Trump indicated he had spoken with Saudi Arabia about reducing the impact of lower Iranian oil exports by increasing flows elsewhere."

Trump said on Friday he called the Organization of the Petroleum Exporting Countries (OPEC) and told the cartel to lower oil prices.

"Gasoline prices are coming down. I called up OPEC, I said you've got to bring them down. You've got to bring them down," Trump told reporters.

The statement triggered a selloff, putting at least a temporary ceiling on a 40 per cent price rally in oil prices since the start of the year.

The rally had gained momentum in April after Trump tightened sanctions against Iran by ending all exemptions that major buyers especially in Asia previously had.

Traders said the market was shifting its focus on the voluntary supply cuts led by the Middle East dominated producer club OPEC since the start of the year.

The cuts have been supported by some non-OPEC producers, most notably Russia, but analysts said this cooperation may not last beyond a meeting between OPEC and its other allies, a group known as OPEC+, scheduled for June.

Russia has said it would be able to meet China's oil demand needs as Beijing tries to replace the imports it usually gets from Iran.

"Russia appears to have every reason to resume ramping up production levels and the base case should start to become we will not see OPEC+ agree upon extending production cuts, with tweaks to cover the shortfall from Iran," said Edward Moya, senior analyst at futures brokerage OANDA.

Meanwhile, Russia hopes to restore oil pipeline supplies to central and western Europe in two weeks, after they were suspended last week over crude quality problems.

Oil prices fell on Monday, extending a slump from Friday that ended weeks of rallying, after President Donald Trump demanded that producer club OPEC raise output to soften the impact of US sanctions against Iran.

Oil prices fell on Monday, extending a slump from Friday that ended weeks of rallying, after President Donald Trump demanded that producer club OPEC raise output to soften the impact of US sanctions against Iran. Brent crude futures were at $71.80 per barrel at 0215 GMT, down 35 cents, or 0.5 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were at $62.91 per barrel, down 39 cents, or 0.6 per cent, from their previous settlement. Both benchmarks fell around 3 per cent in the previous session. ANZ bank said on Monday oil prices "took a hit after President Trump indicated he had spoken with Saudi Arabia about reducing the impact of lower Iranian oil exports by increasing flows elsewhere." Trump said on Friday he called the Organization of the Petroleum Exporting Countries (OPEC) and told the cartel to lower oil prices. "Gasoline prices are coming down. I called up OPEC, I said you've got to bring them down. You've got to bring them down," Trump told reporters. The statement triggered a selloff, putting at least a temporary ceiling on a 40 per cent price rally in oil prices since the start of the year. The rally had gained momentum in April after Trump tightened sanctions against Iran by ending all exemptions that major buyers especially in Asia previously had. Traders said the market was shifting its focus on the voluntary supply cuts led by the Middle East dominated producer club OPEC since the start of the year. The cuts have been supported by some non-OPEC producers, most notably Russia, but analysts said this cooperation may not last beyond a meeting between OPEC and its other allies, a group known as OPEC+, scheduled for June. Russia has said it would be able to meet China's oil demand needs as Beijing tries to replace the imports it usually gets from Iran. "Russia appears to have every reason to resume ramping up production levels and the base case should start to become we will not see OPEC+ agree upon extending production cuts, with tweaks to cover the shortfall from Iran," said Edward Moya, senior analyst at futures brokerage OANDA. Meanwhile, Russia hopes to restore oil pipeline supplies to central and western Europe in two weeks, after they were suspended last week over crude quality problems.

Oil falls after Trump urges greater OPEC output to replace Iranian oil

Oil prices dipped on Friday on expectations that producer club OPEC will soon raise output to make up for a decline in exports from Iran following a tightening of sanctions by the United States against Tehran.

Brent crude futures were at $74.09 per barrel at 0029 GMT, down 26 cents, or 0.4 per cent, from their last close.

US&nbsp;West Texas Intermediate (WTI) crude futures were at $64.82 per barrel, down 39 cents, or 0.6 per cent, from their previous settlement.

The dip followed Brent's rise above $75 per barrel for the first time this year on Thursday after Germany, Poland and Slovakia suspended imports of Russian oil via a major pipeline, citing poor quality. The move cut parts of Europe off from a major supply route.

But prices were already gaining before the Russian disruption, driven up by supply cuts led by the Middle East dominated Organisation of the Petroleum Exporting Countries (OPEC) and US&nbsp;sanctions against Venezuela and Iran. Crude futures are up around 40 per cent so far this year.

Washington said on Monday it would end all exemptions for sanctions against Iran, demanding countries halt oil imports from Tehran from May or face punitive action from Washington.

To make up for the shortfall from Iran, the United States is pressuring OPEC's de-facto leader Saudi Arabia to end its voluntary supply restraint.

"The US&nbsp;will continue to pressure Saudi Arabia to lift its production to cover the supply gap," said Alfonso Esparza, senior market analyst at futures brokerage OANDA.

Energy consultancy FGE said "the need is now very apparent for OPEC+ to take action and increase production" in order to keep markets well supplied and prevent prices from spiking.

Despite US&nbsp;efforts to drive Iranian oil exports down to zero, many analysts expect some oil to still seep out of the country.

"A total of 400,000 to 500,000 barrels per day of crude and condensate will continue to be exported," said FGE, down from around 1 million bpd currently.

Most of this oil would be smuggled out of Iran or go to China despite the sanctions.

China, the world's biggest buyer of Iranian oil, this week formally complained to the United States over its unilateral Iran sanctions.

Oil prices dipped on Friday on expectations that producer club OPEC will soon raise output to make up for a decline in exports from Iran following a tightening of sanctions by the United States against Tehran.

Oil prices dipped on Friday on expectations that producer club OPEC will soon raise output to make up for a decline in exports from Iran following a tightening of sanctions by the United States against Tehran. Brent crude futures were at $74.09 per barrel at 0029 GMT, down 26 cents, or 0.4 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were at $64.82 per barrel, down 39 cents, or 0.6 per cent, from their previous settlement. The dip followed Brent's rise above $75 per barrel for the first time this year on Thursday after Germany, Poland and Slovakia suspended imports of Russian oil via a major pipeline, citing poor quality. The move cut parts of Europe off from a major supply route. But prices were already gaining before the Russian disruption, driven up by supply cuts led by the Middle East dominated Organisation of the Petroleum Exporting Countries (OPEC) and US sanctions against Venezuela and Iran. Crude futures are up around 40 per cent so far this year. Washington said on Monday it would end all exemptions for sanctions against Iran, demanding countries halt oil imports from Tehran from May or face punitive action from Washington. To make up for the shortfall from Iran, the United States is pressuring OPEC's de-facto leader Saudi Arabia to end its voluntary supply restraint. "The US will continue to pressure Saudi Arabia to lift its production to cover the supply gap," said Alfonso Esparza, senior market analyst at futures brokerage OANDA. Energy consultancy FGE said "the need is now very apparent for OPEC+ to take action and increase production" in order to keep markets well supplied and prevent prices from spiking. Despite US efforts to drive Iranian oil exports down to zero, many analysts expect some oil to still seep out of the country. "A total of 400,000 to 500,000 barrels per day of crude and condensate will continue to be exported," said FGE, down from around 1 million bpd currently. Most of this oil would be smuggled out of Iran or go to China despite the sanctions. China, the world's biggest buyer of Iranian oil, this week formally complained to the United States over its unilateral Iran sanctions.

Oil prices ease on expectation that OPEC will raise output

Oil prices inched lower on Wednesday on signs that global markets remain adequately supplied despite a jump to 2019 highs this week on Washington's push for tighter sanctions against Iran.

Brent crude futures were at $74.24 per barrel at 0058 GMT, down 27 cents, or 0.4 per cent, from their last close.

US West Texas Intermediate (WTI) crude futures were at $66.02 per barrel, down 28 cents, or 0.4 per cent, from their previous settlement.

Crude futures rose to 2019 highs earlier in the week after the United States said on Monday it would end all exemptions for sanctions against Iran, demanding countries halt oil imports from Tehran from May or face punitive action from Washington.

US sanctions against oil exporter Iran were introduced in November 2018, but Washington allowed its largest buyers limited imports of crude for another half-year as an adjustment period.

With Iranian oil exports likely declining sharply from May as most countries bow to US pressure, global crude markets are expected to tighten in the short-run, Goldman Sachs and Barclays bank said this week.

Despite this, analysts said global oil markets remained adequately supplied thanks to ample spare capacity from the Middle East dominated Organisation of the Petroleum Exporting Countries (OPEC), Russian and also the United States.

The International Energy Agency (IEA), a watchdog for oil-consuming countries, said in a statement on Tuesday that markets are "adequately supplied" and that "global spare production capacity remains at comfortable levels."

The biggest source of new oil supply comes from the United States, where crude oil production has already risen by more than 2 million barrels per day (bpd) since early 2018 to a record of more than 12 million bpd early this year, making America the world's biggest oil producer ahead of Russia and Saudi Arabia.

"Total oil supplies from the United States are expected to grow by 1.6 million bpd this year," the IEA said.

Commercial inventories in the United States are also high.

US crude oil inventories rose by 6.9 million barrels in the week to April 19 to 459.6 million, data from industry group the American Petroleum Institute showed on Tuesday.

Oil prices inched lower on Wednesday on signs that global markets remain adequately supplied despite a jump to 2019 highs this week on Washington's push for tighter sanctions against Iran.

Oil prices inched lower on Wednesday on signs that global markets remain adequately supplied despite a jump to 2019 highs this week on Washington's push for tighter sanctions against Iran. Brent crude futures were at $74.24 per barrel at 0058 GMT, down 27 cents, or 0.4 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were at $66.02 per barrel, down 28 cents, or 0.4 per cent, from their previous settlement. Crude futures rose to 2019 highs earlier in the week after the United States said on Monday it would end all exemptions for sanctions against Iran, demanding countries halt oil imports from Tehran from May or face punitive action from Washington. US sanctions against oil exporter Iran were introduced in November 2018, but Washington allowed its largest buyers limited imports of crude for another half-year as an adjustment period. With Iranian oil exports likely declining sharply from May as most countries bow to US pressure, global crude markets are expected to tighten in the short-run, Goldman Sachs and Barclays bank said this week. Despite this, analysts said global oil markets remained adequately supplied thanks to ample spare capacity from the Middle East dominated Organisation of the Petroleum Exporting Countries (OPEC), Russian and also the United States. The International Energy Agency (IEA), a watchdog for oil-consuming countries, said in a statement on Tuesday that markets are "adequately supplied" and that "global spare production capacity remains at comfortable levels." The biggest source of new oil supply comes from the United States, where crude oil production has already risen by more than 2 million barrels per day (bpd) since early 2018 to a record of more than 12 million bpd early this year, making America the world's biggest oil producer ahead of Russia and Saudi Arabia. "Total oil supplies from the United States are expected to grow by 1.6 million bpd this year," the IEA said. Commercial inventories in the United States are also high. US crude oil inventories rose by 6.9 million barrels in the week to April 19 to 459.6 million, data from industry group the American Petroleum Institute showed on Tuesday.

Oil dips on well supplied markets despite tighter Iran sanctions

Oil prices were near 2019 highs on Tuesday after Washington announced all Iran sanction waivers would end by May, pressuring importers to stop buying from Tehran.

Despite the move by Washington, observers like US bank Goldman Sachs said global oil markets would be able to cope with the Iran disruption as there was enough spare capacity from other suppliers.

Brent crude futures were at $74.29 per barrel at 0442 GMT, up 0.3 per cent from their last close and not far off a 2019 peak of $74.52 reached on Monday.

US West Texas Intermediate (WTI) crude futures hit their highest level since October 2018 at $65.95 per barrel before edging back to $65.86 by 0239 GMT, which was still up 0.5 per cent from their last settlement.

The United States on Monday demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions, ending six months of waivers which allowed Iran's eight biggest buyers, most of them in Asia, to continue importing limited volumes.

Before the reimposition of sanctions last year, Iran was the fourth-largest producer among the Organization of the Petroleum Exporting Countries (OPEC) at around 3 million barrels per day (bpd), but April exports have shrunk to below 1 million bpd, according to ship-tracking and analyst data in Refinitiv.

The US government has this year repeatedly said it wants to cut Iran's oil exports below 1 million barrels per day (bpd) or even to zero, and that new action would be taken by May.

Still, many analysts expected Washington to show more leniency towards importers most exposed to Iran.

Barclay's bank said in a note following the announcement that the decision took many market participants by surprise and that the move would "lead to a significant tightening of oil markets".

The British bank added that Washington's target to cut Iran oil exports to zero posed a "material upside risk to our current $70 per barrel average price forecast for Brent this year, compared with the year-to-date average of $65 per barrel".

The move to tighten Iran sanctions comes amid other sanctions Washington has placed on Venezuela's oil exports and also as producer club OPEC has led supply cuts since the start of the year aimed at tightening global oil markets and propping up crude prices.

Ellen Wald, non-resident senior fellow at the Global Energy Center of the Atlantic Council, said the United States "seems to expect" Saudi Arabia and the United Arab Emirates to replace the Iranian oil, but she added, "that this is not necessarily the way Saudi Arabia sees it".

Saudi Arabia is the world's biggest exporter of crude oil and OPEC's de-facto leader. The group is set to meet in June to discuss its output policy.

US bank Goldman Sachs said an expected decline of 900,000 bpd in Iranian exports following the US decision to end all waivers stood "versus immediately available and demonstrated spare capacity of 2.0 million bpd, which is set to grow further later this year", especially should OPEC end its supply restraint.

Meanwhile, the Atlantic Council said the US move would hurt Iranian citizens.

"We're going to see their currency collapse more, more unemployment, more inflation," said Barbara Slavin, director for the Future of Iran Initiative at the Atlantic Council, adding that the US sanctions were "not going to bring Iran back to the (nuclear) negotiating table".

Oil prices were near 2019 highs on Tuesday after Washington announced all Iran sanction waivers would end by May, pressuring importers to stop buying from Tehran.

Oil prices were near 2019 highs on Tuesday after Washington announced all Iran sanction waivers would end by May, pressuring importers to stop buying from Tehran. Despite the move by Washington, observers like US bank Goldman Sachs said global oil markets would be able to cope with the Iran disruption as there was enough spare capacity from other suppliers. Brent crude futures were at $74.29 per barrel at 0442 GMT, up 0.3 per cent from their last close and not far off a 2019 peak of $74.52 reached on Monday. US West Texas Intermediate (WTI) crude futures hit their highest level since October 2018 at $65.95 per barrel before edging back to $65.86 by 0239 GMT, which was still up 0.5 per cent from their last settlement. The United States on Monday demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions, ending six months of waivers which allowed Iran's eight biggest buyers, most of them in Asia, to continue importing limited volumes. Before the reimposition of sanctions last year, Iran was the fourth-largest producer among the Organization of the Petroleum Exporting Countries (OPEC) at around 3 million barrels per day (bpd), but April exports have shrunk to below 1 million bpd, according to ship-tracking and analyst data in Refinitiv. The US government has this year repeatedly said it wants to cut Iran's oil exports below 1 million barrels per day (bpd) or even to zero, and that new action would be taken by May. Still, many analysts expected Washington to show more leniency towards importers most exposed to Iran. Barclay's bank said in a note following the announcement that the decision took many market participants by surprise and that the move would "lead to a significant tightening of oil markets". The British bank added that Washington's target to cut Iran oil exports to zero posed a "material upside risk to our current $70 per barrel average price forecast for Brent this year, compared with the year-to-date average of $65 per barrel". The move to tighten Iran sanctions comes amid other sanctions Washington has placed on Venezuela's oil exports and also as producer club OPEC has led supply cuts since the start of the year aimed at tightening global oil markets and propping up crude prices. Ellen Wald, non-resident senior fellow at the Global Energy Center of the Atlantic Council, said the United States "seems to expect" Saudi Arabia and the United Arab Emirates to replace the Iranian oil, but she added, "that this is not necessarily the way Saudi Arabia sees it". Saudi Arabia is the world's biggest exporter of crude oil and OPEC's de-facto leader. The group is set to meet in June to discuss its output policy. US bank Goldman Sachs said an expected decline of 900,000 bpd in Iranian exports following the US decision to end all waivers stood "versus immediately available and demonstrated spare capacity of 2.0 million bpd, which is set to grow further later this year", especially should OPEC end its supply restraint. Meanwhile, the Atlantic Council said the US move would hurt Iranian citizens. "We're going to see their currency collapse more, more unemployment, more inflation," said Barbara Slavin, director for the Future of Iran Initiative at the Atlantic Council, adding that the US sanctions were "not going to bring Iran back to the (nuclear) negotiating table".

Oil near 2019 highs as US seeks to slash Iran exports, but global supply seen ample

Oil prices crept higher on Wednesday, supported by supply cuts by <a href="https://www.wionews.com/business-economy/oil-prices-rise-on-opec-cuts-us-sanctions-against-iran-venezuela-208685">producer club OPEC and US sanctions</a> against oil exporters Iran and Venezuela, but restricted by expectations that an economic slowdown could soon dent fuel consumption.

International benchmark Brent futures were at $70.66 per barrel at 0158 GMT, up 5 cents from their last close.

US West Texas Intermediate (WTI) crude oil futures were at $64.10 per barrel, up 12 cents, or 0.2 per cent, above their last settlement.

Both benchmarks hit five-month highs on Tuesday, before easing on global growth worries.

Overall, oil markets have been tightened this year by US sanctions on oil exporters Iran and Venezuela, as well as supply cuts by the producer club of the Organization of the Petroleum Exporting Countries (OPEC) and some non-affiliated producers, a group known as OPEC+.

As a result, Brent and WTI crude oil futures have risen by around 40 per cent and 30 per cent respectively since the start of the year.

"The global oil market is clearly moving back towards balance thanks to OPEC+ production cuts. OPEC production has fallen 1.98 million barrels per day (bpd) from October levels," ING bank said in a note.

The Dutch bank said the reduction was not only down to voluntary supply cuts, which the group started this year to prop up prices.

"Venezuelan oil output is estimated to have fallen from 1.19 million bpd in October to 890,000 bpd in March, while output from Iran has fallen from 3.33 million bpd to 2.71 million bpd due to sanctions. Declines from these two exempt countries account for almost 47 percent of the reduction seen from OPEC," ING said.

Despite the OPEC-led cuts, not all regions are in tight supply.

Oil production in the United States has risen by more than 2 million barrels per day since early 2018, to a record 12.2 million bpd.

"WTI has not seen the same strength (as Brent)... given the relatively more bearish fundamentals in the US market," said ING bank.

"US crude oil inventories remain stubbornly high," it added.

US crude stocks rose by 4.1 million barrels in the week to April 5, to 455.8 million barrels, data from industry group the American Petroleum Institute showed on Tuesday.

On the demand side, there are concerns that an economic slowdown will soon hit fuel consumption.

The International Monetary Fund (IMFI warned on Tuesday that the global economy was slowing more than expected and that a sharp downturn may be looming.

In its third downgrade since October, the IMF said the global economy will likely grow 3.3 per cent this year, the slowest expansion since 2016. The forecast cut 0.2 percentage point from the IMF's outlook in January.

Oil prices crept higher on Wednesday, supported by supply cuts by producer club OPEC and US sanctions against oil exporters Iran and Venezuela, but restricted by expectations that an economic slowdown could soon dent fuel consumption.

Oil prices crept higher on Wednesday, supported by supply cuts by producer club OPEC and US sanctions against oil exporters Iran and Venezuela, but restricted by expectations that an economic slowdown could soon dent fuel consumption. International benchmark Brent futures were at $70.66 per barrel at 0158 GMT, up 5 cents from their last close. US West Texas Intermediate (WTI) crude oil futures were at $64.10 per barrel, up 12 cents, or 0.2 per cent, above their last settlement. Both benchmarks hit five-month highs on Tuesday, before easing on global growth worries. Overall, oil markets have been tightened this year by US sanctions on oil exporters Iran and Venezuela, as well as supply cuts by the producer club of the Organization of the Petroleum Exporting Countries (OPEC) and some non-affiliated producers, a group known as OPEC+. As a result, Brent and WTI crude oil futures have risen by around 40 per cent and 30 per cent respectively since the start of the year. "The global oil market is clearly moving back towards balance thanks to OPEC+ production cuts. OPEC production has fallen 1.98 million barrels per day (bpd) from October levels," ING bank said in a note. The Dutch bank said the reduction was not only down to voluntary supply cuts, which the group started this year to prop up prices. "Venezuelan oil output is estimated to have fallen from 1.19 million bpd in October to 890,000 bpd in March, while output from Iran has fallen from 3.33 million bpd to 2.71 million bpd due to sanctions. Declines from these two exempt countries account for almost 47 percent of the reduction seen from OPEC," ING said. Despite the OPEC-led cuts, not all regions are in tight supply. Oil production in the United States has risen by more than 2 million barrels per day since early 2018, to a record 12.2 million bpd. "WTI has not seen the same strength (as Brent)... given the relatively more bearish fundamentals in the US market," said ING bank. "US crude oil inventories remain stubbornly high," it added. US crude stocks rose by 4.1 million barrels in the week to April 5, to 455.8 million barrels, data from industry group the American Petroleum Institute showed on Tuesday. On the demand side, there are concerns that an economic slowdown will soon hit fuel consumption. The International Monetary Fund (IMFI warned on Tuesday that the global economy was slowing more than expected and that a sharp downturn may be looming. In its third downgrade since October, the IMF said the global economy will likely grow 3.3 per cent this year, the slowest expansion since 2016. The forecast cut 0.2 percentage point from the IMF's outlook in January.

Oil prices edge higher on OPEC cuts, sanctions on Iran, Venezuela

<a href="https://www.google.com/aclk?sa=l&amp;ai=DChcSEwjc2fD2yrXhAhVUko8KHT1MCnkYABAAGgJzYg&amp;sig=AOD64_3Gb6Coj6PqOwU-qGxUeBIUw4r5KA&amp;adurl=&amp;q=&amp;nb=0&amp;res_url=https%3A%2F%2Fwww.wionews.com%2Fsearch%3Fq%3DTrade%2Btalks%2Bbetween%2Bthe%2BUnited%2BStates%2Band%2BChina%2B&amp;rurl=https%3A%2F%2Fwww.wionews.com%2F&amp;nm=6&amp;nx=399&amp;ny=7&amp;is=1202x458&amp;clkt=94&amp;bg=!_v2l_eVEuD9ApudyS78CAAAAKVIAAAAgmQFtM9jKSvmvOrOBIwNjZ9oIPqPo82L5hsJlUYLyCx7Wd0ncZ4xmQhoHHoMa1Qmg8IzmTk-ktvgqwAolxW8Ot9Zdx7AlC6QwtTsL_2PDmHXS--EN9vjMglEOdHV-3QK0AAPtyOACkwq-ZsVTgO6nK-kpGHg6CN5-Tsy4Kv0qdDiXS2hFDLRkQXLKjfWNusWAt0ziaplwLW6Mu44wcmSv6nOuv4WfHcyjX6gefQ3inQbu_79ZeTBfVYnFuv4bEbgA9SvKYlb9GPFEkbJn18rOfnDWzeJEphkoJZ6ng3oXrot_ANgvvRTTFndiTH4Ig61ByVl6HifcsrjjFlhDvnwxge6ZekNZPTC3QzvwrvglKcILSQujRSeHo48xanBjkdljIYiDK90VvTR4_HG3SLKGj0Bh5D1uDXzhwiXjGtUnPdGLP9Boy_x2BxI3snXAPxs_7Ft9IkrVrFl2RVH56ipwMLT3KEKC--9701QSHM7Kle0">Oil prices </a>were mixed on Thursday, with <a href="https://www.google.com/url?q=http://www.wionews.com/business-%26-economy/brent-oil-stabilises-at-72-per-barrel-over-economic-concerns-160370%3Ffirst_load%3Dno&amp;sa=U&amp;ved=0ahUKEwijkPyGy7XhAhXTmuYKHRm-BSEQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw2vMzTMtqeVC0b82HbW-olM">Brent </a>edging higher towards the psychologically important $70 level after easing in the previous session on data showing a surprise build in US&nbsp;inventories.

Brent futures were up 5 cents at $69.36 a barrel by 0224 GMT. On Wednesday, Brent dipped 6 cents, after touching $69.96, the highest since Nov. 12, when it last traded above $70.

U.S. <a href="https://www.google.com/aclk?sa=l&amp;ai=DChcSEwj6jviVy7XhAhUHJCsKHYFKC6sYABAAGgJzZg&amp;sig=AOD64_2mnZ8qzUlO2TINKdgItfqxqNkY8w&amp;adurl=&amp;q=&amp;nb=0&amp;res_url=https%3A%2F%2Fwww.wionews.com%2Fsearch%3Fq%3DTrade%2Btalks%2Bbetween%2Bthe%2BUnited%2BStates%2Band%2BChina%2B&amp;rurl=https%3A%2F%2Fwww.wionews.com%2F&amp;nm=20&amp;nx=470&amp;ny=2&amp;is=1202x230&amp;clkt=67&amp;bg=!rK-lr7dEAcS8vbEKnCkCAAAAJVIAAAAUmQFtcxWS4V_CxSJE0KxqciXU6YY6z9Lv2LM40Y63ILiiMPCuMIYF1A-pMuwgLby1UDrA0-V-CEefxlwkDOFObaZBrmnS-qkWKYFPqDLRx3LluJcK17IImhMsMBXlwkMQn07egZ_VhH5SInN25QHVwIQGG1ekhie3dxPVI9knVbBbmF6y1B1D2qHS9HY33C0T7lxWaH-RYzj4SqTKes2jR7z3pen3zO9AsrNtWNd25-jSg5cknYGZpxi2zV81jvEFy3iXnsiWOBGXkk9t_DQSMlKNa3iOtV0cksAcqK6Bieege60Tl1pakcFOYODQlidCIvx28trGs2wo4dEbTy6PmLLNUu-n4Tqu4lHGknbZXNWz_S6Fxya9re4--bgJhNETiA_qoxO1C6kxnHX_YiRgp4kU7PuNpeUcPLyB3oj3u-hKmOSG6dDEPmohVk_d9sVVxWF6n65_vDOApbUu3DqzUJk4ek9RHxP6Q6YhAsXR4fo">West Texas Intermediate </a>(WTI) crude fell 3 cents to $62.43 a barrel. The contract dropped 12 cents in the previous session after briefly hitting $62.99, also the highest since November.

Global benchmark Brent has risen nearly 30 per cent this year, while WTI has gained nearly 40 per cent, with prices underpinned by tightening global supply and signs of demand picking up.

"There is a clear bias to the upside with the supply restrictions," said <a href="https://www.google.com/url?q=https://www.wionews.com/business-economy/oil-rallies-as-polls-show-diminished-chance-that-britain-will-vote-to-leave-the-eu-822&amp;sa=U&amp;ved=0ahUKEwiF2Pely7XhAhUT4XMBHc74DjYQFggIMAE&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw3As6Hx6UXKjvrbj425uOju">Michael McCarthy</a>, chief market strategist at CMC Markets in Sydney, pointing to supply cuts by OPEC and others along with sanctions on Iran.

"And there's a much better than expected demand picture after the recent China and US&nbsp;PMI numbers, along with a potential kicker from any U.S.-China trade agreement," he said.

The Caixin/Markit services purchasing managers' index (PMI) rose to 54.4, the highest since January 2018 and up from February's 51.1, a fourth-month low, a private business survey of China's service sector showed on Wednesday.

Trade talks between the United States and China made "good headway" last week in Beijing and the two sides aim to bridge differences during further talks, White House economic adviser Larry Kudlow said on Wednesday.

Crude oil is also supported by an agreement between the Organization of the Petroleum Exporting Countries and allies such as Russia, a group known as OPEC+, to reduce oil output by about 1.2 million bpd this year.

U.S. pressure on Iran is increasing, with a senior Trump administration official saying earlier this week that Washington is considering more sanctions on the Middle Eastern country.

Still, crude oil inventories in the United States rose by 7.2 million barrels last week, as net imports climbed, the Energy Information Administration said on Wednesday. Analysts had forecast a decrease of 425,000 barrels.

U.S. crude production climbed 100,000 barrels per day (bpd) to a record 12.2 million bpd, after hovering around 12-12.1 million bpd since mid-February, according to the data from the Energy Information Administration.

Oil prices were mixed on Thursday, with Brent edging higher towards the psychologically important $70 level after easing in the previous session on data showing a surprise build in US inventories.

Oil prices were mixed on Thursday, with Brent edging higher towards the psychologically important $70 level after easing in the previous session on data showing a surprise build in US inventories. Brent futures were up 5 cents at $69.36 a barrel by 0224 GMT. On Wednesday, Brent dipped 6 cents, after touching $69.96, the highest since Nov. 12, when it last traded above $70. U.S. West Texas Intermediate (WTI) crude fell 3 cents to $62.43 a barrel. The contract dropped 12 cents in the previous session after briefly hitting $62.99, also the highest since November. Global benchmark Brent has risen nearly 30 per cent this year, while WTI has gained nearly 40 per cent, with prices underpinned by tightening global supply and signs of demand picking up. "There is a clear bias to the upside with the supply restrictions," said Michael McCarthy, chief market strategist at CMC Markets in Sydney, pointing to supply cuts by OPEC and others along with sanctions on Iran. "And there's a much better than expected demand picture after the recent China and US PMI numbers, along with a potential kicker from any U.S.-China trade agreement," he said. The Caixin/Markit services purchasing managers' index (PMI) rose to 54.4, the highest since January 2018 and up from February's 51.1, a fourth-month low, a private business survey of China's service sector showed on Wednesday. Trade talks between the United States and China made "good headway" last week in Beijing and the two sides aim to bridge differences during further talks, White House economic adviser Larry Kudlow said on Wednesday. Crude oil is also supported by an agreement between the Organization of the Petroleum Exporting Countries and allies such as Russia, a group known as OPEC+, to reduce oil output by about 1.2 million bpd this year. U.S. pressure on Iran is increasing, with a senior Trump administration official saying earlier this week that Washington is considering more sanctions on the Middle Eastern country. Still, crude oil inventories in the United States rose by 7.2 million barrels last week, as net imports climbed, the Energy Information Administration said on Wednesday. Analysts had forecast a decrease of 425,000 barrels. U.S. crude production climbed 100,000 barrels per day (bpd) to a record 12.2 million bpd, after hovering around 12-12.1 million bpd since mid-February, according to the data from the Energy Information Administration.

Oil prices edge lower after US inventories build

Oil prices on Friday hovered close to 2019 peaks reached the previous day, propped up by supply cuts led by producer club OPEC and by US sanctions against Iran and Venezuela.

Brent crude oil futures were at $67.82 per barrel at 0122 GMT, down 4 cents from their last close but within a dollar of the $68.69 per barrel 2019-high marked the day before.

US West Texas Intermediate (WTI) futures were at $60 per barrel, virtually unchanged from their last settlement and not far off their 2019 peak of $60.39 touched on Thursday.

Prices have been propped up by supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies such as Russia, often referred to as 'OPEC+'.

Despite a more than a quarter increase in crude prices this year, Canadian investment bank RBC Capital Markets said oil was "still below the fiscal breakeven level in a number of OPEC countries", meaning that many producers have an interest in further propping up the market.

"With the driver of the OPEC bus, Saudi Arabia, showing no signs of wavering in the face of renewed pressure from Washington, we believe that OPEC is likely to extend the deal for the duration of 2019 when they next assemble in Vienna in June," RBC said.

RBC said Russia was only a reluctant partner in the supply cuts, but would "ultimately opt to preserve the arrangement and retain a leadership role of a 21-nation group that accounts for around 45 percent of global oil output".

Beyond OPEC and Russia's supply policy, oil prices have also been boosted by US sanctions on OPEC-members Iran and Venezuela.

Iranian crude oil shipments have averaged only just over 1 million bpd in March, down from 1.3 million bpd in February and a 2018 peak of at least 2.5 million bpd in April, before the US sanctions were announced.

Venezuelan crude oil production has also dwindled amid US sanctions and an internal political and economic crisis, plunging from a high of more than 3 million bpd at the start of the century to not much more than 1 million bpd currently.

Putting a break on further price increases has been a US crude oil production jump of more than 2 million bpd since early 2018 to a record 12.1 million bpd, making the United States the world's biggest producer ahead of Russia and Saudi Arabia.

Soaring US output has resulted in increasing exports, which have doubled over the past year to more than 3 million bpd.

The International Energy Agency (IEA) estimated that the United States would become a net crude oil exporter by 2021.

Oil prices on Friday hovered close to 2019 peaks reached the previous day, propped up by supply cuts led by producer club OPEC and by US sanctions against Iran and Venezuela.

Oil prices on Friday hovered close to 2019 peaks reached the previous day, propped up by supply cuts led by producer club OPEC and by US sanctions against Iran and Venezuela. Brent crude oil futures were at $67.82 per barrel at 0122 GMT, down 4 cents from their last close but within a dollar of the $68.69 per barrel 2019-high marked the day before. US West Texas Intermediate (WTI) futures were at $60 per barrel, virtually unchanged from their last settlement and not far off their 2019 peak of $60.39 touched on Thursday. Prices have been propped up by supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies such as Russia, often referred to as 'OPEC+'. Despite a more than a quarter increase in crude prices this year, Canadian investment bank RBC Capital Markets said oil was "still below the fiscal breakeven level in a number of OPEC countries", meaning that many producers have an interest in further propping up the market. "With the driver of the OPEC bus, Saudi Arabia, showing no signs of wavering in the face of renewed pressure from Washington, we believe that OPEC is likely to extend the deal for the duration of 2019 when they next assemble in Vienna in June," RBC said. RBC said Russia was only a reluctant partner in the supply cuts, but would "ultimately opt to preserve the arrangement and retain a leadership role of a 21-nation group that accounts for around 45 percent of global oil output". Beyond OPEC and Russia's supply policy, oil prices have also been boosted by US sanctions on OPEC-members Iran and Venezuela. Iranian crude oil shipments have averaged only just over 1 million bpd in March, down from 1.3 million bpd in February and a 2018 peak of at least 2.5 million bpd in April, before the US sanctions were announced. Venezuelan crude oil production has also dwindled amid US sanctions and an internal political and economic crisis, plunging from a high of more than 3 million bpd at the start of the century to not much more than 1 million bpd currently. Putting a break on further price increases has been a US crude oil production jump of more than 2 million bpd since early 2018 to a record 12.1 million bpd, making the United States the world's biggest producer ahead of Russia and Saudi Arabia. Soaring US output has resulted in increasing exports, which have doubled over the past year to more than 3 million bpd. The International Energy Agency (IEA) estimated that the United States would become a net crude oil exporter by 2021.

Oil prices near 2019 highs amid OPEC supply cuts

OPEC is set to scrap its planned meeting in April and decide instead whether to extend oil output cuts in June, when the market will be able to assess the full impact of US sanctions on Iran and the crisis in Venezuela.

A ministerial panel of <a href="https://www.wionews.com/business-economy/oil-prices-rise-as-opec-resists-trump-pressure-to-ease-supply-cuts-200005">OPEC and its allies</a> recommended on Monday that they cancel the extraordinary meeting scheduled for April 17-18, which means the next regular talks would be held on June 25-26.

The energy minister of OPEC's de facto leader, Saudi Arabia, said over the weekend that the market was looking oversupplied until the end of the year but that April would be too early for any decision on output policy.

"The consensus we heard ... is that April will be premature to make any production decision for the second half," the Saudi minister, Khalid al-Falih, said on Monday.

"As long as the levels of inventories are rising and we are far from normal levels, we will stay the course, guiding the market towards balance," he added.

The United States has been increasing its own oil exports in recent months while imposing sanctions on OPEC members Venezuela and Iran in an effort to reduce those two countries' shipments to global markets.

Washington’s policies have introduced a new level of complication for the Organization of the Petroleum Exporting Countries as it struggles to predict global supply and demand.

"We are not under pressure except by the market," Falih told reporters before the Joint Ministerial Monitoring Committee (JMMC) meeting in the Azeri capital, Baku, when asked whether he was under US&nbsp;pressure to raise output.

US President Donald <a href="https://www.wionews.com/world/trump-calls-on-opec-to-relax-says-oil-prices-are-too-high-199667">Trump has been a vocal critic of OPEC</a>, blaming it for high oil prices. Many OPEC members have said Trump's sanctions policies have elevated the market.

OPEC and its allies agreed in December to cut output by 1.2 million barrels per day - 1.2 per cent of global demand - during the first half of this year in an effort to boost prices.

The JMMC, which also includes non-OPEC Russia, monitors the oil market and conformity with supply cuts.

Asked if he had been updated on whether Washington would extend its waivers for buyers of Iranian crude, which are due to end in May, Falih said: "Until we see it hurting consumers, until we see the impact on inventory, we are not going to change course."

Inventory levels and oil investments are the two main factors guiding OPEC's action, Falih said, adding that oil industry estimates show that $11 trillion of investments will be needed over the coming two decades to meet demand growth.

Oil inventories in developed countries continue to fluctuate, he said.

"Our goal is to bring global inventory levels down to more normal levels - and even more importantly, to proactively protect against a glut," he said.

"Another important metric is the state of oil investments ... we are not seeing an investment trend that will get us even closer to the required figures."

OPEC is set to scrap its planned meeting in April and decide instead whether to extend oil output cuts in June, when the market will be able to assess the full impact of US sanctions on Iran and the crisis in Venezuela.

OPEC is set to scrap its planned meeting in April and decide instead whether to extend oil output cuts in June, when the market will be able to assess the full impact of US sanctions on Iran and the crisis in Venezuela. A ministerial panel of OPEC and its allies recommended on Monday that they cancel the extraordinary meeting scheduled for April 17-18, which means the next regular talks would be held on June 25-26. The energy minister of OPEC's de facto leader, Saudi Arabia, said over the weekend that the market was looking oversupplied until the end of the year but that April would be too early for any decision on output policy. "The consensus we heard ... is that April will be premature to make any production decision for the second half," the Saudi minister, Khalid al-Falih, said on Monday. "As long as the levels of inventories are rising and we are far from normal levels, we will stay the course, guiding the market towards balance," he added. The United States has been increasing its own oil exports in recent months while imposing sanctions on OPEC members Venezuela and Iran in an effort to reduce those two countries' shipments to global markets. Washington’s policies have introduced a new level of complication for the Organization of the Petroleum Exporting Countries as it struggles to predict global supply and demand. "We are not under pressure except by the market," Falih told reporters before the Joint Ministerial Monitoring Committee (JMMC) meeting in the Azeri capital, Baku, when asked whether he was under US pressure to raise output. US President Donald Trump has been a vocal critic of OPEC, blaming it for high oil prices. Many OPEC members have said Trump's sanctions policies have elevated the market. OPEC and its allies agreed in December to cut output by 1.2 million barrels per day - 1.2 per cent of global demand - during the first half of this year in an effort to boost prices. The JMMC, which also includes non-OPEC Russia, monitors the oil market and conformity with supply cuts. Asked if he had been updated on whether Washington would extend its waivers for buyers of Iranian crude, which are due to end in May, Falih said: "Until we see it hurting consumers, until we see the impact on inventory, we are not going to change course." Inventory levels and oil investments are the two main factors guiding OPEC's action, Falih said, adding that oil industry estimates show that $11 trillion of investments will be needed over the coming two decades to meet demand growth. Oil inventories in developed countries continue to fluctuate, he said. "Our goal is to bring global inventory levels down to more normal levels - and even more importantly, to proactively protect against a glut," he said. "Another important metric is the state of oil investments ... we are not seeing an investment trend that will get us even closer to the required figures."

OPEC not to meet in April on oil output cuts

Oil prices rose on Monday, lifted by Saudi oil minister Khalid al-Falih saying an end to OPEC-led supply cuts was unlikely before June and a report of falling US drilling activity.

Despite this, markets were somewhat held back after US employment data raised concerns that an economic slowdown in Asia and Europe was spilling into the United States, where growth has so far still been healthy.

US West Texas Intermediate (WTI) crude oil futures were at $56.29 per barrel at 0156 GMT, up 22 cents, or 0.4 per cent from their last close.

Brent crude futures were at $65.91 per barre, up 17 cents, or 0.3 per cent.

Oil markets have been supported this year by ongoing supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and some non-affiliated allies like Russia - known as the OPEC+ alliance. OPEC+ has pledged to cut 1.2 million barrels per day (bpd) in crude supply since the start of the year to tighten markets and prop up prices.

The group will meet in Vienna on April 17-18, with another gathering scheduled for June 25-26, to discuss supply policy.

Saudi oil minister Khalid al-Falih told Reuters on Sunday it would be too early to change OPEC+ output policy at the group's meeting in April.

"We will see what happens by April, if there is any unforeseen disruption somewhere else, but barring this I think we will just be kicking the can forward," Falih said.

Prices were also supported by US energy services firm Baker Hughes' latest weekly report showing the number of rigs drilling for new oil production in the United States fell by nine to 834.

High drilling activity last year resulted in a more than 2 million bpd rise in production, to a record 12.1 million bpd reached this February.

"This is the third straight week of decline...after a number of oil producers trimmed their spending outlooks for 2019," ANZ bank said on Monday.

The slowdown in drilling points to more timid output growth going forward, but because the overall drilling level remains relatively high despite the recent decline, many analysts still expect U.S. crude output to rise above 13 million bpd soon.

Oil prices rose on Monday, lifted by Saudi oil minister Khalid al-Falih saying an end to OPEC-led supply cuts was unlikely before June and a report of falling US drilling activity.

Oil prices rose on Monday, lifted by Saudi oil minister Khalid al-Falih saying an end to OPEC-led supply cuts was unlikely before June and a report of falling US drilling activity. Despite this, markets were somewhat held back after US employment data raised concerns that an economic slowdown in Asia and Europe was spilling into the United States, where growth has so far still been healthy. US West Texas Intermediate (WTI) crude oil futures were at $56.29 per barrel at 0156 GMT, up 22 cents, or 0.4 per cent from their last close. Brent crude futures were at $65.91 per barre, up 17 cents, or 0.3 per cent. Oil markets have been supported this year by ongoing supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and some non-affiliated allies like Russia - known as the OPEC+ alliance. OPEC+ has pledged to cut 1.2 million barrels per day (bpd) in crude supply since the start of the year to tighten markets and prop up prices. The group will meet in Vienna on April 17-18, with another gathering scheduled for June 25-26, to discuss supply policy. Saudi oil minister Khalid al-Falih told Reuters on Sunday it would be too early to change OPEC+ output policy at the group's meeting in April. "We will see what happens by April, if there is any unforeseen disruption somewhere else, but barring this I think we will just be kicking the can forward," Falih said. Prices were also supported by US energy services firm Baker Hughes' latest weekly report showing the number of rigs drilling for new oil production in the United States fell by nine to 834. High drilling activity last year resulted in a more than 2 million bpd rise in production, to a record 12.1 million bpd reached this February. "This is the third straight week of decline...after a number of oil producers trimmed their spending outlooks for 2019," ANZ bank said on Monday. The slowdown in drilling points to more timid output growth going forward, but because the overall drilling level remains relatively high despite the recent decline, many analysts still expect U.S. crude output to rise above 13 million bpd soon.

Oil rises on OPEC-led supply cuts, but slowing economy restricts gains

Oil prices rose on Monday as Washington and China appeared to edge closer to a trade deal, dampening fears over the outlook for global economic growth.

International Brent crude oil futures were at $67.26 a barrel at 0005 GMT, up 14 cents, or 0.2 per cent, from their last close. They ended Friday little changed after touching their highest since November 16 at $67.73 a barrel.

US West Texas Intermediate (WTI) crude futures were at $57.38 per barrel, up 11 cents, or 0.2 per cent, from their last settlement. WTI futures climbed 0.5 per cent on Friday, having marked their highest since November 16 at $57.81 a barrel.

"Crude prices continue to be supported on optimism a trade deal will be reached in the coming days by the world's two largest economies, said Edward Moya, senior market analyst, OANDA.

President Donald Trump said on Sunday he would delay an increase in US tariffs on Chinese goods scheduled for later this week thanks to progress in trade talks and said if progress continued, he and Chinese President Xi Jinping would seal a deal.

Signs of reduced global oil supply also supported crude prices.

US energy firms this week cut the number of oil rigs operating for the first time in three weeks week after US&nbsp;crude production hit an all-time high, boosting exports to a record-peak and stockpiles to their highest in over a year.

Meanwhile, Mexico's Pemex produced 1.62 million barrels of crude per day in January, less than any month in almost three decades, the state-owned oil company said on Friday, underscoring the challenges facing a government that vows to pump far more in a few years.

Oil prices rose on Monday as Washington and China appeared to edge closer to a trade deal, dampening fears over the outlook for global economic growth. International Brent crude oil futures were at $67.

Oil prices rose on Monday as Washington and China appeared to edge closer to a trade deal, dampening fears over the outlook for global economic growth. International Brent crude oil futures were at $67.26 a barrel at 0005 GMT, up 14 cents, or 0.2 per cent, from their last close. They ended Friday little changed after touching their highest since November 16 at $67.73 a barrel. US West Texas Intermediate (WTI) crude futures were at $57.38 per barrel, up 11 cents, or 0.2 per cent, from their last settlement. WTI futures climbed 0.5 per cent on Friday, having marked their highest since November 16 at $57.81 a barrel. "Crude prices continue to be supported on optimism a trade deal will be reached in the coming days by the world's two largest economies, said Edward Moya, senior market analyst, OANDA. President Donald Trump said on Sunday he would delay an increase in US tariffs on Chinese goods scheduled for later this week thanks to progress in trade talks and said if progress continued, he and Chinese President Xi Jinping would seal a deal. Signs of reduced global oil supply also supported crude prices. US energy firms this week cut the number of oil rigs operating for the first time in three weeks week after US crude production hit an all-time high, boosting exports to a record-peak and stockpiles to their highest in over a year. Meanwhile, Mexico's Pemex produced 1.62 million barrels of crude per day in January, less than any month in almost three decades, the state-owned oil company said on Friday, underscoring the challenges facing a government that vows to pump far more in a few years.

Oil prices firm on hopes for US, China trade deal

Oil prices rose on Tuesday amid OPEC-led supply cuts and <a href="http://www.wionews.com/world/oil-rises-after-us-threat-of-sanctions-on-venezuela-crude-192512">US sanctions against Iran and Venezuela</a>, although analysts expect surging US production and concerns over economic growth to keep markets in check.

US West Texas Intermediate (WTI) crude oil futures were at $52.78 per barrel at 0329 GMT, up 37 cents, or 0.7 per cent, from their last close.

The ongoing closure of parts of the Keystone pipeline that brings Canadian oil into the United States also helped prop up WTI, traders said.

International Brent crude futures were up 50 cents, or 0.8 per cent, at $62.01 per barrel.

Analysts said markets are tightening amid voluntary production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and because of US sanctions on Venezuela and Iran.

But some said supply-side risks were not receiving enough focus.

"We believe that oil is not pricing in supply-side risks lately as markets are currently focused on US-China trade talks, ignoring the risks currently in place from the loss of Venezuelan barrels," US bank JP Morgan said in a weekly note.

Should US-China talks to end trade disputes between the two nations have a positive outcome, the bank said oil markets would "switch attention from macro concerns impacting future demand growth to physical tightness and geopolitical risks impacting immediate supply".

With OPEC engaged in supply management and the Middle East entangled in political conflicts while production outside the group surges, Bank of America Merrill Lynch said OPEC's global market share would fall as its outright output drops to 29 million barrels per day (bpd) in 2024 from 31.9 million bpd in 2018.

Growing US supply and a potential economic slowdown this year could cap oil markets.

"The worries of oversupply stemming from the US will likely remain a dominant theme as we approach the warmer months," said Edward Moya, market analyst at futures brokerage OANDA.

US bank Morgan Stanley said the surge in US crude oil production, which tends to be light in quality and which rose by more than 2 million barrels per day (bpd) last year to a record 11.9 million bpd, had resulted in overproduction of gasoline.

"Light crudes naturally yield more gasoline, and together with relatively modest demand-growth, this has driven gasoline stocks sharply higher and crack spreads sharply lower in recent months," Morgan Stanley said.

Refining profits for gasoline have plunged since mid-2018, going negative in Asia and Europe, amid tepid demand growth and a surge in supply.

As a result, Morgan Stanley said, "low refining margins and weaker economic data means oil prices can rally only so much (and) we continue to see the modest upside for Brent to $65 per barrel in the second half (of 2019)".

Bank of America also warned of "a significant slowing in growth globally", adding that it expected Brent and WTI to average $70 per barrel and $59 per barrel respectively in 2019, and $65 per barrel and $60 per barrel in 2020.

Oil prices rose on Tuesday amid OPEC-led supply cuts and US sanctions against Iran and Venezuela, although analysts expect surging US production and concerns over economic growth to keep markets in check.

Oil prices rose on Tuesday amid OPEC-led supply cuts and US sanctions against Iran and Venezuela, although analysts expect surging US production and concerns over economic growth to keep markets in check. US West Texas Intermediate (WTI) crude oil futures were at $52.78 per barrel at 0329 GMT, up 37 cents, or 0.7 per cent, from their last close. The ongoing closure of parts of the Keystone pipeline that brings Canadian oil into the United States also helped prop up WTI, traders said. International Brent crude futures were up 50 cents, or 0.8 per cent, at $62.01 per barrel. Analysts said markets are tightening amid voluntary production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and because of US sanctions on Venezuela and Iran. But some said supply-side risks were not receiving enough focus. "We believe that oil is not pricing in supply-side risks lately as markets are currently focused on US-China trade talks, ignoring the risks currently in place from the loss of Venezuelan barrels," US bank JP Morgan said in a weekly note. Should US-China talks to end trade disputes between the two nations have a positive outcome, the bank said oil markets would "switch attention from macro concerns impacting future demand growth to physical tightness and geopolitical risks impacting immediate supply". With OPEC engaged in supply management and the Middle East entangled in political conflicts while production outside the group surges, Bank of America Merrill Lynch said OPEC's global market share would fall as its outright output drops to 29 million barrels per day (bpd) in 2024 from 31.9 million bpd in 2018. Growing US supply and a potential economic slowdown this year could cap oil markets. "The worries of oversupply stemming from the US will likely remain a dominant theme as we approach the warmer months," said Edward Moya, market analyst at futures brokerage OANDA. US bank Morgan Stanley said the surge in US crude oil production, which tends to be light in quality and which rose by more than 2 million barrels per day (bpd) last year to a record 11.9 million bpd, had resulted in overproduction of gasoline. "Light crudes naturally yield more gasoline, and together with relatively modest demand-growth, this has driven gasoline stocks sharply higher and crack spreads sharply lower in recent months," Morgan Stanley said. Refining profits for gasoline have plunged since mid-2018, going negative in Asia and Europe, amid tepid demand growth and a surge in supply. As a result, Morgan Stanley said, "low refining margins and weaker economic data means oil prices can rally only so much (and) we continue to see the modest upside for Brent to $65 per barrel in the second half (of 2019)". Bank of America also warned of "a significant slowing in growth globally", adding that it expected Brent and WTI to average $70 per barrel and $59 per barrel respectively in 2019, and $65 per barrel and $60 per barrel in 2020.

Oil prices rise on OPEC output cuts, as US sanctions bite

Oil prices edged higher for the first time in three sessions on Wednesday, although concerns over the outlook for the global economy capped gains.

US West Texas Intermediate (WTI) crude futures were at $53.74 per barrel at 0153 GMT, up 8 cents from their last settlement. They closed down 1.7 per cent on Tuesday.

International Brent crude oil futures were at $62.05 per barrel, up 7 cents, after closing down 0.8 per cent in the previous session.

Global economic worries have weighed on market sentiment in recent days, offsetting support from signs that global supplies are tightening.

With a nervous market, traders are focused on the US State of the Union address by President Donald Trump.

"Anything out of the State of the Union that hints at the US-China deal not working out, or more anti-trade rhetoric would be a negative for energy prices as demand would be lower if global growth keeps being downgraded," said Alfonso Esparza senior market analyst, OANDA.

US sanctions on Venezuela have been viewed as supportive for prices by helping tighten global supplies. A flotilla loaded with Venezuelan oil has formed in the Gulf of Mexico, some holding cargoes bought ahead of the latest US sanctions on Venezuela and others whose buyers are weighing who to pay.

The Organization of the Petroleum Exporting Countries and its allies, including Russia, agreed to production cuts effective from last month to beat back supply growth.

However, US crude stocks rose last week even as refineries boosted output, while gasoline and distillate stocks increased, data from industry group the American Petroleum Institute showed on Tuesday.

Crude inventories rose by 2.5 million barrels in the week ended February 1 to 448.2 million, compared with analysts' expectations for an increase of 2.2 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 889,000 barrels, API said.

Oil prices edged higher for the first time in three sessions on Wednesday, although concerns over the outlook for the global economy capped gains. US West Texas Intermediate (WTI) crude futures were at $53.

Oil prices edged higher for the first time in three sessions on Wednesday, although concerns over the outlook for the global economy capped gains. US West Texas Intermediate (WTI) crude futures were at $53.74 per barrel at 0153 GMT, up 8 cents from their last settlement. They closed down 1.7 per cent on Tuesday. International Brent crude oil futures were at $62.05 per barrel, up 7 cents, after closing down 0.8 per cent in the previous session. Global economic worries have weighed on market sentiment in recent days, offsetting support from signs that global supplies are tightening. With a nervous market, traders are focused on the US State of the Union address by President Donald Trump. "Anything out of the State of the Union that hints at the US-China deal not working out, or more anti-trade rhetoric would be a negative for energy prices as demand would be lower if global growth keeps being downgraded," said Alfonso Esparza senior market analyst, OANDA. US sanctions on Venezuela have been viewed as supportive for prices by helping tighten global supplies. A flotilla loaded with Venezuelan oil has formed in the Gulf of Mexico, some holding cargoes bought ahead of the latest US sanctions on Venezuela and others whose buyers are weighing who to pay. The Organization of the Petroleum Exporting Countries and its allies, including Russia, agreed to production cuts effective from last month to beat back supply growth. However, US crude stocks rose last week even as refineries boosted output, while gasoline and distillate stocks increased, data from industry group the American Petroleum Institute showed on Tuesday. Crude inventories rose by 2.5 million barrels in the week ended February 1 to 448.2 million, compared with analysts' expectations for an increase of 2.2 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 889,000 barrels, API said.

Oil prices edge higher amid  concerns over global economy

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