The Petrol and Diesel prices are soaring and they are almost at the all-time highest level. Being the most essential commodity, Petroleum has been the favourite domain for the politicians for the slugfest.

With rising price, opposition parties got a much-awaited issue to put Government of India on backfoot. Rahul Gandhi is throwing a challenge to Modi for reducing prices. On the same time BJP's media cell is active too and these days social media is full of stuff proclaiming that how prices of petroleum products surged during UPA regime (2004-2014) and how Modi has been able to rein them in.

But if you go in a bit deep in the realities of this sector, you will find that all these claims and blames are simply bereft of any logic and they are rather hilarious. Indian Oil & Gas sector is in a state currently that any government can do little to tame price in the shorter run.

With rapid economic growth, India has become an energy guzzler over the past 10-15 years and currently, it is the third largest consumer of energy after USA and China. India consumes around 200 MMT (Million Metric Tonne) of petroleum crude oil per year and around 80 per cent of this is being imported on the international price.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="row">
<div class="article-blockquote">
<div class="col-sm-10 col-sm-offset-1 blockquote-content quoteshare">
<blockquote>
<h5>The prices of petroleum products are done on import parity and after adding due taxes and dealer’s commissions, MRP is fixed</h5>
</blockquote>
</div>

<div class="col-sm-1 blockquote-content">
<div class="share-blockquote"><a class="twitter popup" href="http://twitter.com/intent/tweet?text=The prices of petroleum products are done on import parity and after adding due taxes and dealer’s commissions, MRP is fixed" target="_blank">&nbsp;</a></div>
</div>
<a class="close-mark close-div" href="#" id="jqquoteclosemark">×</a></div>
</div>
</div>

The prices of petroleum products are done on import parity and after adding due taxes and dealer's commissions, MRP is fixed. Therefore MRP of Petrol and Diesel are linked with international prices of crude oil.

Since we (GOI) can't control the crude price and bound to pay it, the ways to tame MRP is either by reducing taxes or by forcing Oil PSUs to sell products with under-recoveries (basically selling with a loss). Both of these ways would be like feeding gulab jamun to a patient with diabetes. Mean, these measures will give short-term pleasure but they will inflict serious long-term complications.

Cutting taxes would disturb the fiscal discipline which Modi/GOI could bring to an extent over the past four years and would hamper GOI's huge infra push and other planned expenditure.

Forcing under-recoveries (which UPA-2 did for purely political reasons) to Oil companies would only make these companies sick for days to come, restrict the Capex infusion in this sector and of course it cannot last long.

All government can do (that too to silence opposition) in the short term is that it can give some relief by way of slashing tax but it can't make a huge impact on the selling price. Forcing under-recoveries would be the last thing, which Modi/GOI should and would exercise (in case of crude price further takes heavy jump).

<div class="ui-state-default" contenteditable="false">
<div class="row">
<div class="article-blockquote">
<div class="col-sm-10 col-sm-offset-1 blockquote-content quoteshare">
<blockquote>
<h5>The government should work to take measures to bring strength in this sector in long run</h5>
</blockquote>
</div>

<div class="col-sm-1 blockquote-content">
<div class="share-blockquote"><a class="twitter popup" href="http://twitter.com/intent/tweet?text=The government should work to take measures to bring strength in this sector in long run" target="_blank">&nbsp;</a></div>
</div>
<a class="close-mark close-div" href="#" id="jqquoteclosemark">×</a></div>
</div>
</div>

The government should work to take measures to bring strength in this sector in long run. After Modi came to power, GOI has made its oil exploration policy more transparent and business friendly but impact of this on ground would be visible only after many years and that too will not be decisive as the gap between demand and supply is huge and no way India is in the position to multiply its oil production even in the long run.&nbsp;

OPEC (Organization of Petroleum Exporting Countries) is the international body, who plays the prominent role in fixing crude oil price and country like India are bound to pay it.

So the bottom line is that let the politician enjoy the blame and claim game, the onus to live with the problem and withstand with it lies with us, the citizens only. Don't expect a miracle from anybody to get the reprieve. We need to be a judicious energy consumer and take the high petroleum prices as a hard and unavoidable reality.

We can sum up like this. If you are getting petroleum product cheap (like in 2014-16), the government is an accidental hero or otherwise it is an unlucky victim of the situation.

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

The prices of petroleum products are done on import parity and after adding due taxes and dealer's commissions, MRP is fixed

The Petrol and Diesel prices are soaring and they are almost at the all-time highest level. Being the most essential commodity, Petroleum has been the favourite domain for the politicians for the slugfest. With rising price, opposition parties got a much-awaited issue to put Government of India on backfoot. Rahul Gandhi is throwing a challenge to Modi for reducing prices. On the same time BJP's media cell is active too and these days social media is full of stuff proclaiming that how prices of petroleum products surged during UPA regime (2004-2014) and how Modi has been able to rein them in. But if you go in a bit deep in the realities of this sector, you will find that all these claims and blames are simply bereft of any logic and they are rather hilarious. Indian Oil & Gas sector is in a state currently that any government can do little to tame price in the shorter run. With rapid economic growth, India has become an energy guzzler over the past 10-15 years and currently, it is the third largest consumer of energy after USA and China. India consumes around 200 MMT (Million Metric Tonne) of petroleum crude oil per year and around 80 per cent of this is being imported on the international price. The prices of petroleum products are done on import parity and after adding due taxes and dealer’s commissions, MRP is fixed × The prices of petroleum products are done on import parity and after adding due taxes and dealer's commissions, MRP is fixed. Therefore MRP of Petrol and Diesel are linked with international prices of crude oil. Since we (GOI) can't control the crude price and bound to pay it, the ways to tame MRP is either by reducing taxes or by forcing Oil PSUs to sell products with under-recoveries (basically selling with a loss). Both of these ways would be like feeding gulab jamun to a patient with diabetes. Mean, these measures will give short-term pleasure but they will inflict serious long-term complications. Cutting taxes would disturb the fiscal discipline which Modi/GOI could bring to an extent over the past four years and would hamper GOI's huge infra push and other planned expenditure. Forcing under-recoveries (which UPA-2 did for purely political reasons) to Oil companies would only make these companies sick for days to come, restrict the Capex infusion in this sector and of course it cannot last long. All government can do (that too to silence opposition) in the short term is that it can give some relief by way of slashing tax but it can't make a huge impact on the selling price. Forcing under-recoveries would be the last thing, which Modi/GOI should and would exercise (in case of crude price further takes heavy jump). The government should work to take measures to bring strength in this sector in long run × The government should work to take measures to bring strength in this sector in long run. After Modi came to power, GOI has made its oil exploration policy more transparent and business friendly but impact of this on ground would be visible only after many years and that too will not be decisive as the gap between demand and supply is huge and no way India is in the position to multiply its oil production even in the long run. OPEC (Organization of Petroleum Exporting Countries) is the international body, who plays the prominent role in fixing crude oil price and country like India are bound to pay it. So the bottom line is that let the politician enjoy the blame and claim game, the onus to live with the problem and withstand with it lies with us, the citizens only. Don't expect a miracle from anybody to get the reprieve. We need to be a judicious energy consumer and take the high petroleum prices as a hard and unavoidable reality. We can sum up like this. If you are getting petroleum product cheap (like in 2014-16), the government is an accidental hero or otherwise it is an unlucky victim of the situation. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Opinion: Rising petrol prices - the onus is on the citizens

Commuters are unlikely to get any relief from soaring oil prices today also as petrol and diesel on Friday morning hit an all-time high in the last five days. Petrol price&nbsp;per litre in Delhi was recorded at Rs 77.83. For Mumbai petrol per litre was registered at Rs 85.65, Rs 80.47 in Kolkata and Rs 80.80 per litre in Chennai.&nbsp;

Diesel was selling at Rs Delhi 68.75 per litre in Delhi, Rs 73.20 in Mumbai, Rs 71.30 per litre in Kolkata and Rs 72.58 for a litre in Chennai.&nbsp;

This is the fifth new high in oil prices recorded in the past five days.&nbsp;

<table border="1" cellpadding="1" cellspacing="1" style="width: 500px;">
	<tbody>
		<tr>
			<td>Date</td>
			<td>Delhi (petrol in Rs/per litre)</td>
			<td>Mumbai</td>
			<td>Kolkata</td>
			<td>Chennai</td>
		</tr>
		<tr>
			<td>May 25</td>
			<td>77.83</td>
			<td>85.65</td>
			<td>80.47</td>
			<td>80.80</td>
		</tr>
		<tr>
			<td>May 24</td>
			<td>77.47</td>
			<td>85.29</td>
			<td>80.12</td>
			<td>80.42</td>
		</tr>
		<tr>
			<td>May 23</td>
			<td>77.17</td>
			<td>84.99</td>
			<td>79.83</td>
			<td>80.11</td>
		</tr>
		<tr>
			<td>May 22</td>
			<td>76.87</td>
			<td>84.70</td>
			<td>79.53</td>
			<td>79.79</td>
		</tr>
		<tr>
			<td>May 21</td>
			<td>76.57</td>
			<td>84.40</td>
			<td>79.24</td>
			<td>79.47</td>
		</tr>
		<tr>
			<td>May 20</td>
			<td>76.24</td>
			<td>84.07</td>
			<td>78.91</td>
			<td>79.13</td>
		</tr>
	</tbody>
</table>

&nbsp;

Petrol prices were recorded at Rs 77.47/litre in Delhi on Thursday morning while for Mumbai it stood at Rs 85.29/litre. In Delhi, the price of diesel was registered at Rs 68.53/litre and at Rs 72.96/litre for Mumbai.

<table border="1" cellpadding="1" cellspacing="1" style="width: 500px;">
	<tbody>
		<tr>
			<td>Date&nbsp;</td>
			<td>Delhi (diesel in Rs/per litre)</td>
			<td>Mumbai</td>
			<td>Kolkata</td>
			<td>Chennai</td>
		</tr>
		<tr>
			<td>May 25</td>
			<td>68.75</td>
			<td>73.20</td>
			<td>71.30</td>
			<td>72.58</td>
		</tr>
		<tr>
			<td>May 24</td>
			<td>68.53</td>
			<td>72.96</td>
			<td>71.08</td>
			<td>72.35</td>
		</tr>
		<tr>
			<td>May 23</td>
			<td>68.34</td>
			<td>72.76</td>
			<td>70.89</td>
			<td>72.14</td>
		</tr>
		<tr>
			<td>May 22</td>
			<td>68.08</td>
			<td>72.48</td>
			<td>70.63</td>
			<td>71.87</td>
		</tr>
		<tr>
			<td>May 21</td>
			<td>67.82</td>
			<td>72.21</td>
			<td>70.37</td>
			<td>71.59</td>
		</tr>
		<tr>
			<td>May 20</td>
			<td>67.57</td>
			<td>71.94</td>
			<td>70.12</td>
			<td>71.32</td>
		</tr>
	</tbody>
</table>

According to reports, petrol price in Delhi crossed Rs 77 per litre for the first time ever on Wednesday while in Mumbai, the petrol price amounted to 1 paise short of Rs 85 per litre.&nbsp;

Petrol prices per litre in Delhi was recorded at Rs 77.83. For Mumbai petrol per litre was registered at Rs 85.65

Commuters are unlikely to get any relief from soaring oil prices today also as petrol and diesel on Friday morning hit an all-time high in the last five days. Petrol price per litre in Delhi was recorded at Rs 77.83. For Mumbai petrol per litre was registered at Rs 85.65, Rs 80.47 in Kolkata and Rs 80.80 per litre in Chennai. Diesel was selling at Rs Delhi 68.75 per litre in Delhi, Rs 73.20 in Mumbai, Rs 71.30 per litre in Kolkata and Rs 72.58 for a litre in Chennai. This is the fifth new high in oil prices recorded in the past five days. Date Delhi (petrol in Rs/per litre) Mumbai Kolkata Chennai May 25 77.83 85.65 80.47 80.80 May 24 77.47 85.29 80.12 80.42 May 23 77.17 84.99 79.83 80.11 May 22 76.87 84.70 79.53 79.79 May 21 76.57 84.40 79.24 79.47 May 20 76.24 84.07 78.91 79.13 Petrol prices were recorded at Rs 77.47/litre in Delhi on Thursday morning while for Mumbai it stood at Rs 85.29/litre. In Delhi, the price of diesel was registered at Rs 68.53/litre and at Rs 72.96/litre for Mumbai. Date Delhi (diesel in Rs/per litre) Mumbai Kolkata Chennai May 25 68.75 73.20 71.30 72.58 May 24 68.53 72.96 71.08 72.35 May 23 68.34 72.76 70.89 72.14 May 22 68.08 72.48 70.63 71.87 May 21 67.82 72.21 70.37 71.59 May 20 67.57 71.94 70.12 71.32 According to reports, petrol price in Delhi crossed Rs 77 per litre for the first time ever on Wednesday while in Mumbai, the petrol price amounted to 1 paise short of Rs 85 per litre.

No relief in sight as petrol, diesel prices hit a new high

Petrol prices were recorded at Rs 77.47/litre in Delhi on Thursday morning while for Mumbai it stood at Rs 85.29/litre.

In Delhi, the price of diesel was registered at Rs 68.53/litre and at Rs 72.96/litre for Mumbai.

As per the Indian Oil Corporation Limited, petrol prices in Kolkata and Chennai were recorded at Rs 80.12 and Rs 80.42 per litre respectively; diesel prices for both the metro cities were registered at Rs 71.08 and Rs 72.35 a litre respectively.

<table border="1" cellpadding="1" cellspacing="1" style="width: 500px">
	<tbody>
		<tr>
			<td>Date</td>
			<td>Delhi</td>
			<td>Mumbai</td>
			<td>Kolkata</td>
			<td>Chennai</td>
		</tr>
		<tr>
			<td>May 23</td>
			<td>77.17</td>
			<td>84.99</td>
			<td>79.83</td>
			<td>80.11</td>
		</tr>
		<tr>
			<td>May 22</td>
			<td>76.87</td>
			<td>84.70</td>
			<td>79.53</td>
			<td>79.79</td>
		</tr>
		<tr>
			<td>May 21</td>
			<td>76.57</td>
			<td>84.40</td>
			<td>79.24</td>
			<td>79.47</td>
		</tr>
		<tr>
			<td>May 20</td>
			<td>76.24</td>
			<td>84.07</td>
			<td>78.91</td>
			<td>79.13</td>
		</tr>
	</tbody>
</table>

&nbsp;

This is the fourth record high for petrol prices in the last four days. Petrol in Delhi was selling at Rs 77.17 a litre on Wednesday, Rs 76.87 a litre on Tuesday, and at Rs 76.57 and Rs 76.24 on Monday and Sunday respectively.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
Prices of petrol in Delhi at Rs 77.47/litre and Mumbai at Rs 85.29/litre. In Delhi price of Diesel is at Rs 68.53/litre and Mumbai at Rs 72.96/litre.
— ANI (@ANI) <a href="https://twitter.com/ANI/status/999470437401800705?ref_src=twsrc%5Etfw">May 24, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

According to reports, petrol price in Delhi crossed Rs 77 per litre for the first time ever on Wednesday while in Mumbai, the petrol price amounted to 1 paise short of Rs 85 per litre.&nbsp;

On Wednesday, diesel prices stood at Rs 68.34 a litre in Delhi, Rs 72.76 a litre in Mumbai, Rs 70.89 a litre in Kolkata and Rs. 72.14 in Chennai respectively.&nbsp;

Petrol prices were recorded at Rs 77.47/litre in Delhi on Thursday. This is the fourth petrol price high in as many days

Petrol prices were recorded at Rs 77.47/litre in Delhi on Thursday morning while for Mumbai it stood at Rs 85.29/litre. In Delhi, the price of diesel was registered at Rs 68.53/litre and at Rs 72.96/litre for Mumbai. As per the Indian Oil Corporation Limited, petrol prices in Kolkata and Chennai were recorded at Rs 80.12 and Rs 80.42 per litre respectively; diesel prices for both the metro cities were registered at Rs 71.08 and Rs 72.35 a litre respectively. Date Delhi Mumbai Kolkata Chennai May 23 77.17 84.99 79.83 80.11 May 22 76.87 84.70 79.53 79.79 May 21 76.57 84.40 79.24 79.47 May 20 76.24 84.07 78.91 79.13 This is the fourth record high for petrol prices in the last four days. Petrol in Delhi was selling at Rs 77.17 a litre on Wednesday, Rs 76.87 a litre on Tuesday, and at Rs 76.57 and Rs 76.24 on Monday and Sunday respectively. Prices of petrol in Delhi at Rs 77.47/litre and Mumbai at Rs 85.29/litre. In Delhi price of Diesel is at Rs 68.53/litre and Mumbai at Rs 72.96/litre. — ANI (@ANI) May 24, 2018 × According to reports, petrol price in Delhi crossed Rs 77 per litre for the first time ever on Wednesday while in Mumbai, the petrol price amounted to 1 paise short of Rs 85 per litre. On Wednesday, diesel prices stood at Rs 68.34 a litre in Delhi, Rs 72.76 a litre in Mumbai, Rs 70.89 a litre in Kolkata and Rs. 72.14 in Chennai respectively.

Petrol, diesel prices continue to soar, hit another new high

Commuters continue to bear the brunt of soaring petrol and diesel prices with costs hitting a new high today. According to reports, petrol price&nbsp;in Delhi crossed Rs 77 per litre for the first time ever today while in Mumbai, the petrol price amounted to 1 paise short of Rs 85 per litre.&nbsp;

Petrol costs on Wednesday morning were registered at Rs 77.17 a litre in Delhi, Rs 84.99 per litre in Mumbai, Rs 79.83 in Kolkata, and Rs 80.11 per litre in Chennai. Diesel prices stood at Rs 68.34 a litre, Rs 72.76 a litre, Rs 70.89 a litre and Rs. 72.14 a litre respectively.&nbsp;

This is the third record high in three days. Petrol was selling at Rs 76.87 a litre on Tuesday, and at Rs 76.57 and 76.24 on Monday and Sunday respectively.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
Petrol prices in Delhi at Rs 77.17/litre and Mumbai at Rs 84.99/litre, Diesel prices at Rs 68.34/litre in Delhi and Rs 72.76/litre in Mumbai.
— ANI (@ANI) <a href="https://twitter.com/ANI/status/999158109858775040?ref_src=twsrc%5Etfw">May 23, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Petrol and diesel price hike spilt into its tenth day on Tuesday in some of the major cities including Delhi, Mumbai, Kolkata and Chennai.

In most cases, the rise in petrol prices ranged between 14-34 paise a litre and 21-31 paise a litre for diesel.

The spike in global crude oil prices fuelled by US President Donald Trump’s decision to withdraw from the Iran nuclear deal is seen as the biggest perpetrators of escalating oil prices in countries across the globe.&nbsp;

Political and economic turmoil in Venezuela, a major petroleum exporting country, could also be put to blame.&nbsp;

Meanwhile, Congress leader and former Union Finance Minister P Chidambaram slammed the Modi government for the ongoing rise in petrol and diesel prices. Chidambaram claimed that the rates can easily be reduced by Rs 25 per litre.

(With inputs from agencies)&nbsp; 
&nbsp;

Petrol costs on Wednesday morning were registered at Rs 77.17 a litre in Delhi, Rs 84.99 per litre in Mumbai, Rs 79.83 in Kolkata, and Rs 80.11 per litre in Chennai

Commuters continue to bear the brunt of soaring petrol and diesel prices with costs hitting a new high today. According to reports, petrol price in Delhi crossed Rs 77 per litre for the first time ever today while in Mumbai, the petrol price amounted to 1 paise short of Rs 85 per litre. Petrol costs on Wednesday morning were registered at Rs 77.17 a litre in Delhi, Rs 84.99 per litre in Mumbai, Rs 79.83 in Kolkata, and Rs 80.11 per litre in Chennai. Diesel prices stood at Rs 68.34 a litre, Rs 72.76 a litre, Rs 70.89 a litre and Rs. 72.14 a litre respectively. This is the third record high in three days. Petrol was selling at Rs 76.87 a litre on Tuesday, and at Rs 76.57 and 76.24 on Monday and Sunday respectively. Petrol prices in Delhi at Rs 77.17/litre and Mumbai at Rs 84.99/litre, Diesel prices at Rs 68.34/litre in Delhi and Rs 72.76/litre in Mumbai. — ANI (@ANI) May 23, 2018 × Petrol and diesel price hike spilt into its tenth day on Tuesday in some of the major cities including Delhi, Mumbai, Kolkata and Chennai. In most cases, the rise in petrol prices ranged between 14-34 paise a litre and 21-31 paise a litre for diesel. The spike in global crude oil prices fuelled by US President Donald Trump’s decision to withdraw from the Iran nuclear deal is seen as the biggest perpetrators of escalating oil prices in countries across the globe. Political and economic turmoil in Venezuela, a major petroleum exporting country, could also be put to blame. Meanwhile, Congress leader and former Union Finance Minister P Chidambaram slammed the Modi government for the ongoing rise in petrol and diesel prices. Chidambaram claimed that the rates can easily be reduced by Rs 25 per litre. (With inputs from agencies)

Petrol, diesel prices hit new highs; third in 3 days

Even as monsoon is predicted to be normal this year, its uneven distribution could spike food prices, and inflation is likely to edge further, says a report.

According to Dun & Bradstreet, rising fuel prices in India, which touched an all-time high, is likely to feed into other segments and keep the rate of inflation higher.

D&B expects CPI inflation to be in the range of 4.6-4.7 per cent and WPI inflation around 3.6-3.8 per cent this month.

"The assumption of a normal monsoon has been one of the primary factors considered for improvement in demand in the current year.&nbsp

"However, spatial distribution of rainfall needs to be monitored carefully before setting in firm expectations as uneven distribution of rainfall could flare up food inflation," said Arun Singh, Lead Economist D&B India.

Moreover, factors like geopolitical risks, escalating tensions in global trade, volatility in international crude oil prices and sharp depreciation in rupee underline the upside risk to inflation.

"Domestically, we look forward for the government to fulfil its commitment to revive investments, execute infrastructure projects and continue the policy momentum," Singh said.

The report further said the consistent growth clocked by the capital and infrastructure goods sector is likely to support the IIP growth rates going ahead.

D&B expects Index of Industrial Production (IIP) to have grown by 6.5-7.5 per cent during April this year.

The report further said the consistent growth clocked by the capital and infrastructure goods sector is likely to support the IIP growth rates going ahead.

Even as monsoon is predicted to be normal this year, its uneven distribution could spike food prices, and inflation is likely to edge further, says a report. According to Dun & Bradstreet, rising fuel prices in India, which touched an all-time high, is likely to feed into other segments and keep the rate of inflation higher. D&B expects CPI inflation to be in the range of 4.6-4.7 per cent and WPI inflation around 3.6-3.8 per cent this month. "The assumption of a normal monsoon has been one of the primary factors considered for improvement in demand in the current year. "However, spatial distribution of rainfall needs to be monitored carefully before setting in firm expectations as uneven distribution of rainfall could flare up food inflation," said Arun Singh, Lead Economist D&B India. Moreover, factors like geopolitical risks, escalating tensions in global trade, volatility in international crude oil prices and sharp depreciation in rupee underline the upside risk to inflation. "Domestically, we look forward for the government to fulfil its commitment to revive investments, execute infrastructure projects and continue the policy momentum," Singh said. The report further said the consistent growth clocked by the capital and infrastructure goods sector is likely to support the IIP growth rates going ahead. D&B expects Index of Industrial Production (IIP) to have grown by 6.5-7.5 per cent during April this year.

Uneven monsoon could spike food prices, inflation to edge higher: Report

China's Foreign Ministry on Thursday announced that anyone who would want to carry out oil and gas exploration or exploitation in Chinese waters would require a prior permission from Beijing.

Chinese Ministry spokesman Lu Kang informed media at a briefing. Kang reacted to queries over recent drilling by Russian state oil firm Rosneft in China claimed waters.

"We urge relevant parties to earnestly respect China's sovereign and jurisdictional rights and not do anything that could impact bilateral relations or this region's peace and stability," Lu said.

(With inputs from Reuters)

Chinese Ministry spokesman Lu Kang reacted to queries over recent drilling by Russian state oil firm Rosneft in China claimed waters

China's Foreign Ministry on Thursday announced that anyone who would want to carry out oil and gas exploration or exploitation in Chinese waters would require a prior permission from Beijing. Chinese Ministry spokesman Lu Kang informed media at a briefing. Kang reacted to queries over recent drilling by Russian state oil firm Rosneft in China claimed waters. "We urge relevant parties to earnestly respect China's sovereign and jurisdictional rights and not do anything that could impact bilateral relations or this region's peace and stability," Lu said. (With inputs from Reuters)

No one can carry out oil, gas activities in Chinese waters without permission: China

Oil prices hit a 3-1/2-year high on Tuesday, supported by tight supply and planned US&nbspsanctions against Iran that are likely to restrict crude oil exports from one of the biggest producers in the Middle East.

Brent crude oil reached an intraday peak of $79.47 a barrel, up $1.24 and its highest since November 2014, before easing to $78.28, up 5 cents, by 1345 GMT.

US&nbsplight crude was 15 cents lower at $70.81 a barrel, also not far off its highest since November 2014.

World oil prices have surged by more than 70 percent over the last year as demand has risen sharply but production has been restricted by the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, and other producers including Russia.

Now the United States has announced it will impose sanctions on Iran over its nuclear programme, raising fears that markets will face shortages later this year when trade restrictions come into effect.

"Oil prices are touching fresh multi-year highs as robust demand prospects coupled with a tense geopolitical backdrop make for a potent bullish cocktail," said Stephen Brennock, analyst at London brokers PVM Oil Associates.

Norbert Rücker, head of macro and commodity research at private bank Julius Baer, said that at the top of everyone's mind was "the potential impact on Iranian oil exports and thus the risk of another meaningful supply disruption".

In China, the world's biggest oil importer, refinery runs rose nearly 12 percent in April compared with a year earlier, to around 12.06 million barrels per day (bpd), marking the second-highest level on record on a daily basis, data showed.

The tightening market has all but eliminated a global supply overhang which depressed crude prices between late 2014 and early 2017.

OPEC figures published on Monday showed that oil inventories in OECD industrialised nations in March fell to 9 million barrels above the five-year average, from 340 million barrels above the average in January 2017.

US crude is trading at a hefty discount to Brent, the international marker, thanks to sharp rises in US&nbspproduction to 10.7 million bpd, which has left the American domestic oil market well supplied.

US&nbspshale oil production is expected to rise by about 145,000 bpd to a record 7.18 million bpd in June, the US&nbspEnergy Information Administration said on Monday.

The Permian basin in Texas, the biggest US&nbspoil patch, is expected to see output climb 78,000 bpd to a fresh record of 3.28 million bpd.

US light crude was 15 cents lower at $70.81 a barrel, also not far off its highest since November 2014

Oil prices hit a 3-1/2-year high on Tuesday, supported by tight supply and planned US&nbspsanctions against Iran that are likely to restrict crude oil exports from one of the biggest producers in the Middle East. Brent crude oil reached an intraday peak of $79.47 a barrel, up $1.24 and its highest since November 2014, before easing to $78.28, up 5 cents, by 1345 GMT. US&nbsplight crude was 15 cents lower at $70.81 a barrel, also not far off its highest since November 2014. World oil prices have surged by more than 70 percent over the last year as demand has risen sharply but production has been restricted by the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, and other producers including Russia. Now the United States has announced it will impose sanctions on Iran over its nuclear programme, raising fears that markets will face shortages later this year when trade restrictions come into effect. "Oil prices are touching fresh multi-year highs as robust demand prospects coupled with a tense geopolitical backdrop make for a potent bullish cocktail," said Stephen Brennock, analyst at London brokers PVM Oil Associates. Norbert Rücker, head of macro and commodity research at private bank Julius Baer, said that at the top of everyone's mind was "the potential impact on Iranian oil exports and thus the risk of another meaningful supply disruption". In China, the world's biggest oil importer, refinery runs rose nearly 12 percent in April compared with a year earlier, to around 12.06 million barrels per day (bpd), marking the second-highest level on record on a daily basis, data showed. The tightening market has all but eliminated a global supply overhang which depressed crude prices between late 2014 and early 2017. OPEC figures published on Monday showed that oil inventories in OECD industrialised nations in March fell to 9 million barrels above the five-year average, from 340 million barrels above the average in January 2017. US crude is trading at a hefty discount to Brent, the international marker, thanks to sharp rises in US&nbspproduction to 10.7 million bpd, which has left the American domestic oil market well supplied. US&nbspshale oil production is expected to rise by about 145,000 bpd to a record 7.18 million bpd in June, the US&nbspEnergy Information Administration said on Monday. The Permian basin in Texas, the biggest US&nbspoil patch, is expected to see output climb 78,000 bpd to a fresh record of 3.28 million bpd.

Oil hits multi-year high on tight supply, Iran sanctions

Oil prices retreated from three-and-a-half-year highs on Tuesday as investors waited on an announcement by President Donald Trump on whether the United States will reimpose sanctions on Iran.

Should Trump pull the United States out of a multi-nation agreement on Tehran's nuclear programme, Iranian crude exports could be hit, adding to tightness in the oil market, which is coming back into balance after years of glut.

US&nbspWest Texas Intermediate (WTI) crude futures fell 63 cents, or 0.9 percent, to $70.10 a barrel by 0024 GMT. At one point they fell below $70, after settling above that level for the first time since November 2014 on Monday.

Brent crude futures were down 53 cents, or 0.7 percent, at $75.64, having jumped 1.7 percent to settle at $76.17 a barrel in the previous session.

Trump said on Monday a decision on whether to remain in the Iran nuclear deal or to impose sanctions would be announced at 2:00 p.m. EDT (1800 GMT) on Tuesday, four days earlier than expected.

Trump is likely to either announce he will not be renewing a waiver on sanctions, leading to a "significant reduction" in Iranian oil sales within six months, or will restate his opposition to the nuclear agreement, Barclays Research analysts said in a report.

"Regardless, his foreign policy continues to ignite tensions in the main oil-exporting centre and is, thus, price supportive," they said.

If Trump restores core US. sanctions, under US&nbsplaw he must wait at least 180 days before imposing their furthest-reaching measure, which is to target banks of nations that fail to significantly cut their purchases of Iranian oil.

Analysts at RBC Capital Markets said Iran's exports could be cut by 200,000 to 300,000 bpd as a result. Iranian officials, however, said that the country's oil industry would continue to develop even if the United States exits the accord.

If Trump restores core US. sanctions, under US law he must wait at least 180 days before imposing their furthest-reaching measure

Oil prices retreated from three-and-a-half-year highs on Tuesday as investors waited on an announcement by President Donald Trump on whether the United States will reimpose sanctions on Iran. Should Trump pull the United States out of a multi-nation agreement on Tehran's nuclear programme, Iranian crude exports could be hit, adding to tightness in the oil market, which is coming back into balance after years of glut. US&nbspWest Texas Intermediate (WTI) crude futures fell 63 cents, or 0.9 percent, to $70.10 a barrel by 0024 GMT. At one point they fell below $70, after settling above that level for the first time since November 2014 on Monday. Brent crude futures were down 53 cents, or 0.7 percent, at $75.64, having jumped 1.7 percent to settle at $76.17 a barrel in the previous session. Trump said on Monday a decision on whether to remain in the Iran nuclear deal or to impose sanctions would be announced at 2:00 p.m. EDT (1800 GMT) on Tuesday, four days earlier than expected. Trump is likely to either announce he will not be renewing a waiver on sanctions, leading to a "significant reduction" in Iranian oil sales within six months, or will restate his opposition to the nuclear agreement, Barclays Research analysts said in a report. "Regardless, his foreign policy continues to ignite tensions in the main oil-exporting centre and is, thus, price supportive," they said. If Trump restores core US. sanctions, under US&nbsplaw he must wait at least 180 days before imposing their furthest-reaching measure, which is to target banks of nations that fail to significantly cut their purchases of Iranian oil. Analysts at RBC Capital Markets said Iran's exports could be cut by 200,000 to 300,000 bpd as a result. Iranian officials, however, said that the country's oil industry would continue to develop even if the United States exits the accord.

Oil prices fall as market awaits Trump decision on Iran

Protesting against the high petrol and fuel prices, Congress President Rahul Gandhi today rode a bicycle as he led a march on the issue while campaigning in Karnataka's Kolar district.

Later, standing on a bullock cart, he addressed a gathering where he alleged that the BJP-led government wanted to take money from the common man to give it to its "rich friends" and asked it to tell the people why they were not reducing the price of petrol in the country.

Gandhi, who resumed his poll campaign for the May 12 assembly polls, took out a protest march in Maluru in Kolar against rising petrol prices by riding a bicycle with other Congress workers walking or running behind him.

The world over petrol prices were decreasing, but in India prices were still high, he lamented.

"Earlier in international market, the price was USD 140 per barrel, now it is USD 70 per barrel. So lakhs of crores of money is being saved by the government. Where is the money going?" Gandhi asked.

"Why are you not saying to people that you don't want to put GST on petrol and diesel? You want to take away money from common man and want to give it to your five or ten industrialist friends," he said before the gathering.

"You want to take money from the pockets of those driving scooter, truck, bus and other vehicles in the country and want to give it your rich friends," the Congress leader said.

During his three-day visit, Gandhi will be campaigning in Kolar, Bengaluru Rural, Chikkballapura, Tumakuru districts and Bengaluru city. PTI&nbsp;

The Congress President alleged the BJP-led government wanted to take money from the common man to give it to its 'rich friends'. Rahul was campaigning in Karnataka, which goes to the polls on May 12

Protesting against the high petrol and fuel prices, Congress President Rahul Gandhi today rode a bicycle as he led a march on the issue while campaigning in Karnataka's Kolar district. Later, standing on a bullock cart, he addressed a gathering where he alleged that the BJP-led government wanted to take money from the common man to give it to its "rich friends" and asked it to tell the people why they were not reducing the price of petrol in the country. Gandhi, who resumed his poll campaign for the May 12 assembly polls, took out a protest march in Maluru in Kolar against rising petrol prices by riding a bicycle with other Congress workers walking or running behind him. The world over petrol prices were decreasing, but in India prices were still high, he lamented. "Earlier in international market, the price was USD 140 per barrel, now it is USD 70 per barrel. So lakhs of crores of money is being saved by the government. Where is the money going?" Gandhi asked. "Why are you not saying to people that you don't want to put GST on petrol and diesel? You want to take away money from common man and want to give it to your five or ten industrialist friends," he said before the gathering. "You want to take money from the pockets of those driving scooter, truck, bus and other vehicles in the country and want to give it your rich friends," the Congress leader said. During his three-day visit, Gandhi will be campaigning in Kolar, Bengaluru Rural, Chikkballapura, Tumakuru districts and Bengaluru city. PTI

Watch: Rahul rides cycle in Karnataka to protest fuel prices, gives speech from bullock cart

Oil prices held steady on Friday after shedding earlier gains, as market jitters kicked in over the prospect of geopolitical risks from possible new US&nbspsanctions against Iran.

US&nbspWest Texas Intermediate (WTI) crude futures were trading 1 cent lower at $68.42 per barrel by 0258 GMT.

Brent crude oil futures were at $73.59 per barrel, down 3 cents, or 0.04 percent, from their last close after touching a intraday high of $73.80 per barrel in early morning trading.

Technical analysis from Reuters' Wang Tao showed the market may retest a price support level at $72.39 per barrel after peaking around a resistance at $75.45.

Friday morning's fluctuations came as investors sifted through the upcoming Iran sanction decision and an increasing US&nbspcrude inventory build for clues.

Iran's foreign minister said on Thursday US&nbspdemands to change its 2015 nuclear agreement with world powers were unacceptable, as a deadline set by President Donald Trump for Europeans to "fix" the deal loomed.

"Current prices reflect a premium for Iran uncertainties. Investors are worried about supplies after Iran took a tough stance in its response to the United States," Wang Xiao, Head of Crude Research with Guotai Junan Futures said, adding prices may fall if expectations for new sanctions ease.

European powers still want to hand Trump a plan to save the Iran nuclear deal next week. But they have also started work on protecting EU-Iranian business ties if the US&nbsppresident makes good on a threat to withdraw, six sources told Reuters.

Markets will remain skittish as the May 12 deadline to rectify the deal approaches, ANZ Research said in note.

Iran resumed its role as a major oil exporter in January 2016 when international sanctions against Tehran were lifted in return for curbs on Iran's nuclear program.

Aside from security concerns, growing US&nbspcrude supplies are capping price gains.

West Texas Intermediate crude for delivery in Midland slid for a fourth day on Thursday to hit its lowest in more than three-and-a-half years. WTI at Midland WTC-WTM traded as much as $14 a barrel below benchmark futures.

Surging production in the Permian basin has continued to outpace pipeline capacity, while local refining issues have exacerbated oversupply in the region, dealers told Reuters.

Multi-year low spot market prices followed US&nbspgovernment data that showed a 6.2-million-barrel jump in crude inventories last week.

The United States now produces more crude oil than top exporter Saudi Arabia.

Friday morning's fluctuations came as investors sifted through the upcoming Iran sanction decision and an increasing US crude inventory build for clues

Oil prices held steady on Friday after shedding earlier gains, as market jitters kicked in over the prospect of geopolitical risks from possible new US&nbspsanctions against Iran. US&nbspWest Texas Intermediate (WTI) crude futures were trading 1 cent lower at $68.42 per barrel by 0258 GMT. Brent crude oil futures were at $73.59 per barrel, down 3 cents, or 0.04 percent, from their last close after touching a intraday high of $73.80 per barrel in early morning trading. Technical analysis from Reuters' Wang Tao showed the market may retest a price support level at $72.39 per barrel after peaking around a resistance at $75.45. Friday morning's fluctuations came as investors sifted through the upcoming Iran sanction decision and an increasing US&nbspcrude inventory build for clues. Iran's foreign minister said on Thursday US&nbspdemands to change its 2015 nuclear agreement with world powers were unacceptable, as a deadline set by President Donald Trump for Europeans to "fix" the deal loomed. "Current prices reflect a premium for Iran uncertainties. Investors are worried about supplies after Iran took a tough stance in its response to the United States," Wang Xiao, Head of Crude Research with Guotai Junan Futures said, adding prices may fall if expectations for new sanctions ease. European powers still want to hand Trump a plan to save the Iran nuclear deal next week. But they have also started work on protecting EU-Iranian business ties if the US&nbsppresident makes good on a threat to withdraw, six sources told Reuters. Markets will remain skittish as the May 12 deadline to rectify the deal approaches, ANZ Research said in note. Iran resumed its role as a major oil exporter in January 2016 when international sanctions against Tehran were lifted in return for curbs on Iran's nuclear program. Aside from security concerns, growing US&nbspcrude supplies are capping price gains. West Texas Intermediate crude for delivery in Midland slid for a fourth day on Thursday to hit its lowest in more than three-and-a-half years. WTI at Midland WTC-WTM traded as much as $14 a barrel below benchmark futures. Surging production in the Permian basin has continued to outpace pipeline capacity, while local refining issues have exacerbated oversupply in the region, dealers told Reuters. Multi-year low spot market prices followed US&nbspgovernment data that showed a 6.2-million-barrel jump in crude inventories last week. The United States now produces more crude oil than top exporter Saudi Arabia.

Oil prices hold steady as US decision on Iran sanctions looms 

An Indonesia hospital in Aceh struggled to treat dozens of burn victims from a fire at an illegal oil well that killed at least 18 on Wednesday (April 25) as they scrambled to collect oil after the well overflowed, authorities said.

Firefighters struggled all day to put out the blaze in the northwestern province of Aceh and were still working as darkness fell.

Dozens of people suffering from burns were taken to hospital in the provincial capital, Banda Aceh, several hours away from where the accident happened.

Pertamina, which has operations in the area, was providing equipment to help fight the fire. At least eight fire trucks had been deployed to try to douse the blaze. The head of police in the area said the fire might have been sparked by a careless smoker.

Flames towered over houses and trees as firefighters hosed down the area while villagers watched, in pictures posted on social media by Sutopo Purwo Nugroho, the spokesman of Indonesia's disaster mitigation agency.

"There was panic among the public because the fire is in a residential area," said Sutopo Purwo Nugroho said.&nbsp

The fire broke out in the east Aceh district in the early hours of Wednesday, after a well of depth 250 metres (820 ft) overflowed and residents gathered to collect the oil, the agency added.

The head of police in east Aceh said the oil well might have been drilled illegally and the fire might have been started when someone was smoking a cigarette.

"This is illegal drilling," said Roberth MV Dumatubun, a spokesman for at PT Pertamina EP, a subsidiary of state oil firm Pertamina.

"It was a well made and managed by the residents there. Incidents like these are likely to happen because they don't pay attention to elements like safety."

&nbsp

Firefighters struggled all day to put out the blaze in the northwestern province of Aceh and were still working as darkness fell

An Indonesia hospital in Aceh struggled to treat dozens of burn victims from a fire at an illegal oil well that killed at least 18 on Wednesday (April 25) as they scrambled to collect oil after the well overflowed, authorities said. Firefighters struggled all day to put out the blaze in the northwestern province of Aceh and were still working as darkness fell. Dozens of people suffering from burns were taken to hospital in the provincial capital, Banda Aceh, several hours away from where the accident happened. Pertamina, which has operations in the area, was providing equipment to help fight the fire. At least eight fire trucks had been deployed to try to douse the blaze. The head of police in the area said the fire might have been sparked by a careless smoker. Flames towered over houses and trees as firefighters hosed down the area while villagers watched, in pictures posted on social media by Sutopo Purwo Nugroho, the spokesman of Indonesia's disaster mitigation agency. "There was panic among the public because the fire is in a residential area," said Sutopo Purwo Nugroho said. The fire broke out in the east Aceh district in the early hours of Wednesday, after a well of depth 250 metres (820 ft) overflowed and residents gathered to collect the oil, the agency added. The head of police in east Aceh said the oil well might have been drilled illegally and the fire might have been started when someone was smoking a cigarette. "This is illegal drilling," said Roberth MV Dumatubun, a spokesman for at PT Pertamina EP, a subsidiary of state oil firm Pertamina. "It was a well made and managed by the residents there. Incidents like these are likely to happen because they don't pay attention to elements like safety."

Watch: Indonesian hospital struggles to treat victims of deadly oil well blaze

Oil rose on Thursday, supported by expectations of renewed U.S. sanctions on Iran, declining output in Venezuela and continuing strong demand.

Brent crude oil futures were last up 90 cents at $74.90 a barrel at 1204 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 66 cents to $68.71 per barrel.

The oil price has risen by 15 percent in the last four weeks thanks to expectations that the United States will reimpose sanctions on Iran, a major oil producer and member of the Organization of the Petroleum Exporting Countries (OPEC).

French President Emmanuel Macron said on Wednesday he expected U.S. President Donald Trump to pull out of a deal with Iran reached in 2015 in which the Islamic Republic suspended its nuclear programme in return for Western powers lifting crippling sanctions.

Trump will decide by May 12 whether to restore U.S. sanctions on Tehran, which would probably result in a reduction of Iranian oil exports.

"Geopolitical concerns in the Middle East, together with Venezuela’s deteriorating macroeconomic situation, are supporting oil prices. It is widely anticipated that President Trump will pull the U.S. out of the Iran nuclear deal, which is bullish for prices, said Abhishek Kumar, senior energy analyst at Interfax Energy's Global Gas Analytics.

"However, (the) full impact of the move will not materialise unless it is supported by European allies of the U.S."

Venezuela's crude production has fallen from almost 2.5 million barrels per day (bpd) in early 2016 to around 1.5 million bpd due to a political and economic crisis.

Plunging Venezuelan output and looming U.S. sanctions against Iran come against a backdrop of strong demand, above all in Asia, the world's biggest oil-consuming region.

However, not all market indicators point towards tighter supplies.

US&nbspcrude oil inventories rose by 2.2 million barrels in the week to April 20 to 429.74 million barrels.

US&nbspcrude production rose by 46,000 bpd on the previous week, to 10.59 bpd.

Soaring U.S. output has made WTI crude around $6 per barrel cheaper than Brent and drawn exports to record highs.

Dutch bank ING said "the wide discount for WTI to Brent saw exports rising 582,000 bpd week-on-week to a record high of 2.33 million bpd."

With U.S. output and exports surging, some analysts warn that the 20 percent climb in Brent prices since February is starting to look overdone.

"The market does look a little&nbsptoppish," said Greg McKenna,&nbspchief&nbspmarket strategist at futures brokerage AxiTrader.

Venezuela's crude production has fallen from almost 2.5 million barrels per day (bpd) in early 2016 to around 1.5 million bpd due to a political and economic crisis.

Oil rose on Thursday, supported by expectations of renewed U.S. sanctions on Iran, declining output in Venezuela and continuing strong demand. Brent crude oil futures were last up 90 cents at $74.90 a barrel at 1204 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 66 cents to $68.71 per barrel. The oil price has risen by 15 percent in the last four weeks thanks to expectations that the United States will reimpose sanctions on Iran, a major oil producer and member of the Organization of the Petroleum Exporting Countries (OPEC). French President Emmanuel Macron said on Wednesday he expected U.S. President Donald Trump to pull out of a deal with Iran reached in 2015 in which the Islamic Republic suspended its nuclear programme in return for Western powers lifting crippling sanctions. Trump will decide by May 12 whether to restore U.S. sanctions on Tehran, which would probably result in a reduction of Iranian oil exports. "Geopolitical concerns in the Middle East, together with Venezuela’s deteriorating macroeconomic situation, are supporting oil prices. It is widely anticipated that President Trump will pull the U.S. out of the Iran nuclear deal, which is bullish for prices, said Abhishek Kumar, senior energy analyst at Interfax Energy's Global Gas Analytics. "However, (the) full impact of the move will not materialise unless it is supported by European allies of the U.S." Venezuela's crude production has fallen from almost 2.5 million barrels per day (bpd) in early 2016 to around 1.5 million bpd due to a political and economic crisis. Plunging Venezuelan output and looming U.S. sanctions against Iran come against a backdrop of strong demand, above all in Asia, the world's biggest oil-consuming region. However, not all market indicators point towards tighter supplies. US&nbspcrude oil inventories rose by 2.2 million barrels in the week to April 20 to 429.74 million barrels. US&nbspcrude production rose by 46,000 bpd on the previous week, to 10.59 bpd. Soaring U.S. output has made WTI crude around $6 per barrel cheaper than Brent and drawn exports to record highs. Dutch bank ING said "the wide discount for WTI to Brent saw exports rising 582,000 bpd week-on-week to a record high of 2.33 million bpd." With U.S. output and exports surging, some analysts warn that the 20 percent climb in Brent prices since February is starting to look overdone. "The market does look a little&nbsptoppish," said Greg McKenna,&nbspchief&nbspmarket strategist at futures brokerage AxiTrader.

Oil rises as concern heats up over Iran sanctions, Venezuelan output

Petrol prices rose to 55-month high while diesel became costliest ever. On Friday, petrol increased marginally by 1 paisa and diesel by 4 paise.

Petrol in the national capital, Delhi now costs Rs 74.08 a litre, the highest since September 2013 when rates had hit Rs 76.06. Diesel price at Rs 65.31 is the highest ever.

The rise in petrol and diesel prices is due to rise in the rate of crude oil. India imports more than 80% of its crude oil requirement from the international market. This makes our petrol and diesel price directly proportional to international crude oil prices.

The Oil Ministry had earlier sought a reduction in excise duty on both petrol and diesel to cushion the impact of rising international oil prices. This was however turned down by Finance Minister Arun Jaitley in the budget presented on 1st February.

India imports more than 80% of its crude oil requirement from the international market.

Petrol prices rose to 55-month high while diesel became costliest ever. On Friday, petrol increased marginally by 1 paisa and diesel by 4 paise. Petrol in the national capital, Delhi now costs Rs 74.08 a litre, the highest since September 2013 when rates had hit Rs 76.06. Diesel price at Rs 65.31 is the highest ever. The rise in petrol and diesel prices is due to rise in the rate of crude oil. India imports more than 80% of its crude oil requirement from the international market. This makes our petrol and diesel price directly proportional to international crude oil prices. The Oil Ministry had earlier sought a reduction in excise duty on both petrol and diesel to cushion the impact of rising international oil prices. This was however turned down by Finance Minister Arun Jaitley in the budget presented on 1st February.

Petrol rises to 55-month high, diesel costliest ever

As oil prices touched a new high today,<a href="http://www.wionews.com/india-news/petrol-rises-to-55-month-high-diesel-costliest-ever-131582"> US President tweeted saying it was </a>"very high" and "will not be accepted", after the president's tweet, Brent and WTI crude prices turned "negative".

"Looks like OPEC is at it again," Trump said.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted!
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/987284041304100864?ref_src=twsrc%5Etfw">April 20, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

OPEC-linked countries have been curbing production since last year in order to push up prices. Both Brent crude oil futures and US West Texas Intermediate (WTI) were in trading in positive before Trump's tweet but fell after the president's remark.

"With record amounts of oil all over the place, including the fully loaded ships at sea, oil prices are artificially&nbspvery high! No good and will not be accepted," the president said in his tweet.

OPEC nations headed by Saudia Arabia will meet in June in Vienna to review the oil prices, ahead of the meeting Saudi oil minister Khalid al-Falih said OPEC and its allies were still far away from reaching their target, there are no indication yet that the group will increase production to&nbspbring prices down.

Reuters quoting Saudi sources said it would be happy to see crude rise to $80 or even $100 a barrel.

Joint Technical Committee (JTC) in a report said a global oil glut has been virtually eliminated.

"Global oil demand data so far in 2018 has come in line with our optimistic expectations, with Q1 2018 likely to post the strongest year-on-year growth since Q4 2010 at 2.55 million barrels per day," US bank Goldman Sachs said.

The rise in global oil prices has also been supported by fears of US reintroducing sanctions on Iran which is a key OPEC member. Despite Trump's tweet oil prices are set to close at a record high this week.

Despite Trump's tweet oil prices are set to close at a record high this week.

As oil prices touched a new high today, US President tweeted saying it was "very high" and "will not be accepted", after the president's tweet, Brent and WTI crude prices turned "negative". "Looks like OPEC is at it again," Trump said. Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted! — Donald J. Trump (@realDonaldTrump) April 20, 2018 × OPEC-linked countries have been curbing production since last year in order to push up prices. Both Brent crude oil futures and US West Texas Intermediate (WTI) were in trading in positive before Trump's tweet but fell after the president's remark. "With record amounts of oil all over the place, including the fully loaded ships at sea, oil prices are artificially&nbspvery high! No good and will not be accepted," the president said in his tweet. OPEC nations headed by Saudia Arabia will meet in June in Vienna to review the oil prices, ahead of the meeting Saudi oil minister Khalid al-Falih said OPEC and its allies were still far away from reaching their target, there are no indication yet that the group will increase production to&nbspbring prices down. Reuters quoting Saudi sources said it would be happy to see crude rise to $80 or even $100 a barrel. Joint Technical Committee (JTC) in a report said a global oil glut has been virtually eliminated. "Global oil demand data so far in 2018 has come in line with our optimistic expectations, with Q1 2018 likely to post the strongest year-on-year growth since Q4 2010 at 2.55 million barrels per day," US bank Goldman Sachs said. The rise in global oil prices has also been supported by fears of US reintroducing sanctions on Iran which is a key OPEC member. Despite Trump's tweet oil prices are set to close at a record high this week.

'Will not be accepted': After Trump's tweet on oil, prices dip

Oil prices on Thursday remained close to highs touched the previous day that were last seen in late 2014, buoyed as U.S. crude inventories declined and as top exporter Saudi Arabia is expected to keep withholding supply to prop up the market.&nbspBrent crude oil futures were at $73.79 per barrel at 0028 GMT, up 31 cents, or 0.4 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were up 29 cents, or 0.4 percent, at $68.76 a barrel.&nbspBrent on Wednesday marked its highest level since November, 2014 at $73.93 per barrel. WTI hit its strongest since December, 2014 at $68.91 a barrel.

Reuters reported on Wednesday that top oil exporter Saudi Arabia would be happy to see crude rise to $80 or even $100 a barrel, which was seen as a sign that Riyadh will seek no changes to an OPEC supply-cutting deal that was introduced in 2017 to boost prices.

“The Saudis and their colleagues in OPEC need higher oil for their fiscal positions and the Kingdom is on a bold – and costly – reform programme. So they might continue to squeeze the lemon while they have the chance,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

Led by Saudi Arabia, the Organization of the Petroleum Exporting Countries (OPEC) and a group of other producers that includes Russia started to withhold output in 2017 to rein in oversupply that had depressed prices since 2014.

Since the start of the voluntary restraint, crude inventories have been gradually declining from record levels towards long-term average levels.&nbspFurther supporting oil prices is an expectation that the United States will re-introduce sanctions against OPEC-member Iran, which could result in further supply reductions from the Middle East.

In the United States, the Energy Information Administration (EIA) said on Wednesday that commercial crude stocks fell by 1.1 million barrels in the week to April 13, to 427.57 million barrels, which is close to the five-year average level around 420 million barrels.

With crude prices on the rise, those producers not participating in voluntary restraint are ramping up output.&nbspU.S. crude production &ltC-OUT-T-EIA&gt has jumped by a quarter since mid-2016, to a record 10.54 million barrels per day (bpd).&nbspThat’s more than Saudi Arabia produces. Only Russia churns out more oil, at almost 11 million bpd.

Oil prices on Thursday remained close to highs touched the previous day that were last seen in late 2014, buoyed as U.S. crude inventories declined and as top exporter Saudi Arabia is expected to keep withholding supply to prop up the market.

Oil prices on Thursday remained close to highs touched the previous day that were last seen in late 2014, buoyed as U.S. crude inventories declined and as top exporter Saudi Arabia is expected to keep withholding supply to prop up the market.&nbspBrent crude oil futures were at $73.79 per barrel at 0028 GMT, up 31 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 29 cents, or 0.4 percent, at $68.76 a barrel.&nbspBrent on Wednesday marked its highest level since November, 2014 at $73.93 per barrel. WTI hit its strongest since December, 2014 at $68.91 a barrel. Reuters reported on Wednesday that top oil exporter Saudi Arabia would be happy to see crude rise to $80 or even $100 a barrel, which was seen as a sign that Riyadh will seek no changes to an OPEC supply-cutting deal that was introduced in 2017 to boost prices. “The Saudis and their colleagues in OPEC need higher oil for their fiscal positions and the Kingdom is on a bold – and costly – reform programme. So they might continue to squeeze the lemon while they have the chance,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader. Led by Saudi Arabia, the Organization of the Petroleum Exporting Countries (OPEC) and a group of other producers that includes Russia started to withhold output in 2017 to rein in oversupply that had depressed prices since 2014. Since the start of the voluntary restraint, crude inventories have been gradually declining from record levels towards long-term average levels.&nbspFurther supporting oil prices is an expectation that the United States will re-introduce sanctions against OPEC-member Iran, which could result in further supply reductions from the Middle East. In the United States, the Energy Information Administration (EIA) said on Wednesday that commercial crude stocks fell by 1.1 million barrels in the week to April 13, to 427.57 million barrels, which is close to the five-year average level around 420 million barrels. With crude prices on the rise, those producers not participating in voluntary restraint are ramping up output.&nbspU.S. crude production &ltC-OUT-T-EIA> has jumped by a quarter since mid-2016, to a record 10.54 million barrels per day (bpd).&nbspThat’s more than Saudi Arabia produces. Only Russia churns out more oil, at almost 11 million bpd.

Oil near late-2014 highs as Saudi pushes for higher prices, US crude stocks decline

India is aiming to drive harder bargains with global oil producers, including Saudi Arabia, during bilateral meetings at a conference of energy ministers this week, officials said, leveraging its strength as the world's third-biggest crude importer.

Key producers from the Organization of the Petroleum Exporting Countries (OPEC), threatened by the rising output from new and non-OPEC countries, are trying to secure a foothold in India where refining capacity is set to surge to 8 million barrels per day (bpd) by 2030 from 5 million bpd.

An official from India's oil ministry and two officials from the country's state-run energy firms said they are hoping to advance talks with Saudi Arabia and Nigeria for crude supplies at the meeting of the International Energy Forum that India is co-hosting with China and South Korea this week.

"The world recognises the size of India's market, its appetite. We want suppliers to look at India more favourably than in the past. We want the agreements to be more transparent and fair," Oil Minister Dharmendra Pradhan told Reuters on Tuesday.

Such demands reflect a new confidence in India as a driver of global energy growth and are a far cry from earlier summits when oil ministry officials and the executives of state oil firms would plead for more crude oil supplies, said Sri Paravaikkarasu, head of East of Suez Oil at consultancy FGE.

"Now Indian officials go to these summits and ask producers for incentives. It's a big change," she said.

Some concessions are already coming.

Iran has offered to increase a discount on freight prices to Indian state refiners to double its sales to the companies, which control about one-third of India's refining capacity.

Saudi Aramco raised the credit limit for some Indian refiners last year so that they could lift more crude without providing explicit financial guarantees.

India's footprint in global energy markets will increase "materially" from 2018 to 2040, making it the largest growth market for global energy, BP Plc said in its energy outlook report in February.&nbsp;

Indian state oil executives say there is now a more balanced relationship with suppliers.

"Our ties with key oil suppliers are moving towards collaboration level rather than just buyer-seller," said M. K. Surana, chairman of Hindustan Petroleum Corp.

India last year began buying oil from the United States to cut its dependence on the Middle East, whose share of overall imports fell to 64.1 per cent in the fiscal year of 2016/17 from about 80 per cent in the 2007/08 fiscal year, government data showed.

"America as an alternate source can give us better-negotiating power with the Middle East," R. Ramachandran, the head of refineries for Bharat Petroleum Corp Ltd, said.

Key producers from OPEC are trying to secure a foothold in India where refining capacity is set to surge to 8 million barrels per day by 2030

India is aiming to drive harder bargains with global oil producers, including Saudi Arabia, during bilateral meetings at a conference of energy ministers this week, officials said, leveraging its strength as the world's third-biggest crude importer. Key producers from the Organization of the Petroleum Exporting Countries (OPEC), threatened by the rising output from new and non-OPEC countries, are trying to secure a foothold in India where refining capacity is set to surge to 8 million barrels per day (bpd) by 2030 from 5 million bpd. An official from India's oil ministry and two officials from the country's state-run energy firms said they are hoping to advance talks with Saudi Arabia and Nigeria for crude supplies at the meeting of the International Energy Forum that India is co-hosting with China and South Korea this week. "The world recognises the size of India's market, its appetite. We want suppliers to look at India more favourably than in the past. We want the agreements to be more transparent and fair," Oil Minister Dharmendra Pradhan told Reuters on Tuesday. Such demands reflect a new confidence in India as a driver of global energy growth and are a far cry from earlier summits when oil ministry officials and the executives of state oil firms would plead for more crude oil supplies, said Sri Paravaikkarasu, head of East of Suez Oil at consultancy FGE. "Now Indian officials go to these summits and ask producers for incentives. It's a big change," she said. Some concessions are already coming. Iran has offered to increase a discount on freight prices to Indian state refiners to double its sales to the companies, which control about one-third of India's refining capacity. Saudi Aramco raised the credit limit for some Indian refiners last year so that they could lift more crude without providing explicit financial guarantees. India's footprint in global energy markets will increase "materially" from 2018 to 2040, making it the largest growth market for global energy, BP Plc said in its energy outlook report in February. Indian state oil executives say there is now a more balanced relationship with suppliers. "Our ties with key oil suppliers are moving towards collaboration level rather than just buyer-seller," said M. K. Surana, chairman of Hindustan Petroleum Corp. India last year began buying oil from the United States to cut its dependence on the Middle East, whose share of overall imports fell to 64.1 per cent in the fiscal year of 2016/17 from about 80 per cent in the 2007/08 fiscal year, government data showed. "America as an alternate source can give us better-negotiating power with the Middle East," R. Ramachandran, the head of refineries for Bharat Petroleum Corp Ltd, said.

How India plans to seek better bargains with global oil producers

The central government's move of revising petrol and diesel prices has pronounced woes for people living in the National Capital Region as the petrol price in Delhi has hit a four-year high.&nbsp;

Petrol in the national capital now costs Rs 73.73 a litre, the highest since September 14, 2014, when rates had hit Rs 76.06. Diesel price at Rs 64.58 is the highest ever, with the previous high of Rs 64.22 registered on February 7, 2018.

The move came in a bid to reduce excise duty on petrol an diesel with an aim to mitigate the impact of rising international oil rates.&nbsp;

According to reports, Indians pay the highest retail prices of petrol and diesel among South Asian nations.

Ahead, we take a quick look at the revised oil prices for the day in some of the chief Indian cities.&nbsp;

<table border="1" cellpadding="1" cellspacing="1" style="width: 500px;">
	<tbody>
		<tr>
			<th scope="row">City</th>
			<td style="width: 112px;">&nbsp; &nbsp;&nbsp;Petrol in Rs</td>
			<td style="width: 220px;">&nbsp; &nbsp;Diesel in Rs</td>
		</tr>
		<tr>
			<th scope="row">Delhi</th>
			<td style="width: 112px;">&nbsp; &nbsp; 73.83</td>
			<td style="width: 220px;">&nbsp; &nbsp;64.58</td>
		</tr>
		<tr>
			<th scope="row">Kolkata</th>
			<td style="width: 112px;">&nbsp; &nbsp; 76.54</td>
			<td style="width: 220px;">&nbsp; &nbsp;67.27</td>
		</tr>
		<tr>
			<th scope="row">Mumbai</th>
			<td style="width: 112px;">&nbsp; &nbsp; 81.69</td>
			<td style="width: 220px;">&nbsp; &nbsp;68.77</td>
		</tr>
		<tr>
			<th scope="row">Chennai</th>
			<td style="width: 112px;">&nbsp; &nbsp; 76.59</td>
			<td style="width: 220px;">&nbsp; &nbsp;68.12</td>
		</tr>
		<tr>
			<th scope="row">Bengaluru</th>
			<td style="width: 112px;">&nbsp; &nbsp; 75.00</td>
			<td style="width: 220px;">&nbsp; &nbsp;65.78</td>
		</tr>
		<tr>
			<th scope="row">Chandigarh</th>
			<td style="width: 112px;">&nbsp; &nbsp; 71.00</td>
			<td style="width: 220px;">&nbsp; &nbsp;62.80</td>
		</tr>
		<tr>
			<th scope="row">Ahmedabad</th>
			<td style="width: 112px;">&nbsp; &nbsp; 72.98</td>
			<td style="width: 220px;">&nbsp; &nbsp;69.30</td>
		</tr>
		<tr>
			<th scope="row">Hyderabad</th>
			<td style="width: 112px;">&nbsp; &nbsp; 78.19</td>
			<td style="width: 220px;">&nbsp; &nbsp;70.28</td>
		</tr>
		<tr>
			<th scope="row">Lucknow</th>
			<td style="width: 112px;">&nbsp; &nbsp; 75.20</td>
			<td style="width: 220px;">&nbsp; &nbsp;64.90</td>
		</tr>
		<tr>
			<th scope="row">Patna</th>
			<td style="width: 112px;">&nbsp; &nbsp; 79.34</td>
			<td style="width: 220px;">&nbsp; &nbsp;69.30</td>
		</tr>
		<tr>
			<th scope="row">Panjim</th>
			<td style="width: 112px;">&nbsp; &nbsp; 68.01</td>
			<td style="width: 220px;">&nbsp; &nbsp;65.80</td>
		</tr>
		<tr>
			<th scope="row">Gurgaon</th>
			<td style="width: 112px;">&nbsp; &nbsp; 74.36</td>
			<td style="width: 220px;">&nbsp; &nbsp;65.56</td>
		</tr>
		<tr>
			<th scope="row">Trivandrum</th>
			<td style="width: 112px;">&nbsp; &nbsp; 77.78</td>
			<td style="width: 220px;">&nbsp; &nbsp;70.20</td>
		</tr>
		<tr>
			<th scope="row">Noida</th>
			<td style="width: 112px;">&nbsp; &nbsp; 75.24</td>
			<td style="width: 220px;">&nbsp; &nbsp;64.92</td>
		</tr>
		<tr>
			<th scope="row">Guwahati</th>
			<td style="width: 112px;">&nbsp; &nbsp; 75.90</td>
			<td style="width: 220px;">&nbsp; &nbsp;67.51</td>
		</tr>
	</tbody>
</table>

&nbsp;

It must&nbsp;be noted that oil prices vary from city to city and among states owing to the local tax structure. Prices may differ slightly from one oil selling company to another.&nbsp;

State-owned oil companies -- Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation -- in June last year, dumped the 15-year old practice of revising rates on the 1st and 16th of every month.

Daily price revision system was adopted to facilitate an instant reflection of changes in cost. Since then, prices are revised every day based on the international crude oil rates and currency conversion against US dollars.&nbsp;

Oil prices in a particular Indian city are also influenced by the local transportation cost, middleman commission, among other factors.&nbsp;

Oil prices vary from city to city and among states owing to the local tax structure

The central government's move of revising petrol and diesel prices has pronounced woes for people living in the National Capital Region as the petrol price in Delhi has hit a four-year high. Petrol in the national capital now costs Rs 73.73 a litre, the highest since September 14, 2014, when rates had hit Rs 76.06. Diesel price at Rs 64.58 is the highest ever, with the previous high of Rs 64.22 registered on February 7, 2018. The move came in a bid to reduce excise duty on petrol an diesel with an aim to mitigate the impact of rising international oil rates. According to reports, Indians pay the highest retail prices of petrol and diesel among South Asian nations. Ahead, we take a quick look at the revised oil prices for the day in some of the chief Indian cities. City Petrol in Rs Diesel in Rs Delhi 73.83 64.58 Kolkata 76.54 67.27 Mumbai 81.69 68.77 Chennai 76.59 68.12 Bengaluru 75.00 65.78 Chandigarh 71.00 62.80 Ahmedabad 72.98 69.30 Hyderabad 78.19 70.28 Lucknow 75.20 64.90 Patna 79.34 69.30 Panjim 68.01 65.80 Gurgaon 74.36 65.56 Trivandrum 77.78 70.20 Noida 75.24 64.92 Guwahati 75.90 67.51 It must be noted that oil prices vary from city to city and among states owing to the local tax structure. Prices may differ slightly from one oil selling company to another. State-owned oil companies -- Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation -- in June last year, dumped the 15-year old practice of revising rates on the 1st and 16th of every month. Daily price revision system was adopted to facilitate an instant reflection of changes in cost. Since then, prices are revised every day based on the international crude oil rates and currency conversion against US dollars. Oil prices in a particular Indian city are also influenced by the local transportation cost, middleman commission, among other factors.

Quick look at today's petrol, diesel prices in top cities

Oil fell more than 1 per cent on concerns over rising US&nbsp;production and as equities fell, erasing earlier gains driven in part by the firing of US&nbsp;Secretary of State Rex Tillerson.

Brent crude futures dropped 31 cents, or 0.5 per cent, to settle at $64.64 per barrel. US&nbsp;West Texas (WTI) crude futures fell 65 cents, or 1.06 per cent, to $60.71 per barrel.

The market has been buffeted by a number of factors in an active session, including weakness in the equity market, which has trended in tandem with oil of late.

US&nbsp;production has reached an all-time record and weekly data last week showed overall output rising further, to more than 10.3 million barrels per day.

US&nbsp;crude production from major shale formations was expected to rise in April to a record 6.95 million bpd, the US&nbsp;Energy Information Administration (EIA) said on Monday.

&quot;There&rsquo;s no stopping us and OPEC&#39;s frustration levels are going to grow,&quot; said Philip Streible, senior market strategist at RJO Futures in Chicago, referring to efforts by major producers to curb output since last year.

Tillerson&#39;s firing increases risks to the multilateral agreement to limit Iran&#39;s nuclear capabilities, raising questions about potential effects on output by the third largest crude oil producer in the Organization of the Petroleum Exporting Countries.

CIA director Mike Pompeo is the pick to replace Tillerson; he has called for the 2015 Iran nuclear deal to be scrapped.

Trump has threatened to withdraw from the accord between Iran and six world powers unless Congress and European allies &quot;fix&quot; it with a follow-up pact.

&quot;The market is having a wobble on the back of the potential impact on future supply from Iran and also for the ramifications for the Middle East as a whole,&quot; Ole Hansen, senior manager at Saxo Bank, said.

Concerns about supply have had an effect in the forward curve in the futures market, where the May contract has outperformed April, putting May&#39;s price higher than April&#39;s, known as &quot;contango.&quot;&nbsp;

When the front-month contract is trading at a lower level than a later-dated contract, it suggests emerging concerns about growing supply, and reduced need to buy oil now.

&quot;The market switched from backwardation to contango in the crude oil curve today... that&rsquo;s a situation that implies weakness; it&rsquo;s a situation that, if it persists, will lead to an increase in storage,&quot; said Bob Yawger, director of energy futures at Mizuho in New York.

Data from the American Petroleum Institute will be released at 4:30 p.m. on Tuesday, and is expected to show a build US&nbsp;crude inventories for the third straight week.

US crude production from major shale formations was expected to rise in April to a record 6.95 million bpd

Oil fell more than 1 per cent on concerns over rising US production and as equities fell, erasing earlier gains driven in part by the firing of US Secretary of State Rex Tillerson. Brent crude futures dropped 31 cents, or 0.5 per cent, to settle at $64.64 per barrel. US West Texas (WTI) crude futures fell 65 cents, or 1.06 per cent, to $60.71 per barrel. The market has been buffeted by a number of factors in an active session, including weakness in the equity market, which has trended in tandem with oil of late. US production has reached an all-time record and weekly data last week showed overall output rising further, to more than 10.3 million barrels per day. US crude production from major shale formations was expected to rise in April to a record 6.95 million bpd, the US Energy Information Administration (EIA) said on Monday. "There’s no stopping us and OPEC's frustration levels are going to grow," said Philip Streible, senior market strategist at RJO Futures in Chicago, referring to efforts by major producers to curb output since last year. Tillerson's firing increases risks to the multilateral agreement to limit Iran's nuclear capabilities, raising questions about potential effects on output by the third largest crude oil producer in the Organization of the Petroleum Exporting Countries. CIA director Mike Pompeo is the pick to replace Tillerson; he has called for the 2015 Iran nuclear deal to be scrapped. Trump has threatened to withdraw from the accord between Iran and six world powers unless Congress and European allies "fix" it with a follow-up pact. "The market is having a wobble on the back of the potential impact on future supply from Iran and also for the ramifications for the Middle East as a whole," Ole Hansen, senior manager at Saxo Bank, said. Concerns about supply have had an effect in the forward curve in the futures market, where the May contract has outperformed April, putting May's price higher than April's, known as "contango." When the front-month contract is trading at a lower level than a later-dated contract, it suggests emerging concerns about growing supply, and reduced need to buy oil now. "The market switched from backwardation to contango in the crude oil curve today... that’s a situation that implies weakness; it’s a situation that, if it persists, will lead to an increase in storage," said Bob Yawger, director of energy futures at Mizuho in New York. Data from the American Petroleum Institute will be released at 4:30 p.m. on Tuesday, and is expected to show a build US crude inventories for the third straight week.

US crude prices fall over rising production, Tillerson firing

Oil slipped to $66 a barrel on Friday, under pressure from concerns that rising US&nbsp;oil output and exports will offset OPEC-led attempts to erode stockpiles with output curbs.

US&nbsp;oil production last week was 10.27 million barrels per day, a record level if confirmed by monthly figures. Crude exports jumped to more than 2 million bpd, close to a record high of 2.1 million hit in October.

&quot;The US&nbsp;is pumping out a record amount of oil,&quot; said Naeem Aslam, chief market analyst at Think Markets UK Ltd.

&quot;The bull rally which we have seen for the black gold could fade away as the US&nbsp;oil production undermines the OPEC production cut commitments,&quot; he said.

Brent crude, the global benchmark, was down 34 cents at $66.05 at 0934 GMT. Prices had rallied in early 2018 and reached $71.28 on January 25, the highest since December 2014.

US&nbsp;crude fell 27 cents to $62.50.&nbsp;

Oil also slipped as the US&nbsp;dollar strengthened. A stronger dollar can make oil and other commodities denominated in the US&nbsp;currency more expensive for other currency holders.&nbsp;

The latest decline for crude came despite the US&nbsp;Energy Information Administration reporting on Wednesday that crude stocks fell unexpectedly by 1.6 million barrels. Analysts said low import figures contributed to the decline.

The Organization of the Petroleum Exporting Countries is not outwardly worried by rising in US&nbsp;output and says it is comfortable at the speed the market is moving towards balance.

&quot;I think the pace is excellent, the deal is working and we&#39;re very happy with it,&quot; United Arab Emirates Energy Minister Suhail al-Mazroui, the current OPEC president, told Reuters on Wednesday. &quot;But the job is not yet complete.&quot;

In January 2017, OPEC and allies including Russia began to cut production by about 1.8 million bpd, almost 2 percent of global supply, to get rid of a glut that had built up since 2014 and that led to a price collapse.

OPEC wants to reduce oil inventories held by industrialised nations to their five-year average and is getting closer to that goal, although officials are starting to talk about looking at different metrics.&nbsp;

&nbsp;

US oil production last week was 10.27 million barrels per day, a record level if confirmed by monthly figures

Oil slipped to $66 a barrel on Friday, under pressure from concerns that rising US oil output and exports will offset OPEC-led attempts to erode stockpiles with output curbs. US oil production last week was 10.27 million barrels per day, a record level if confirmed by monthly figures. Crude exports jumped to more than 2 million bpd, close to a record high of 2.1 million hit in October. "The US is pumping out a record amount of oil," said Naeem Aslam, chief market analyst at Think Markets UK Ltd. "The bull rally which we have seen for the black gold could fade away as the US oil production undermines the OPEC production cut commitments," he said. Brent crude, the global benchmark, was down 34 cents at $66.05 at 0934 GMT. Prices had rallied in early 2018 and reached $71.28 on January 25, the highest since December 2014. US crude fell 27 cents to $62.50. Oil also slipped as the US dollar strengthened. A stronger dollar can make oil and other commodities denominated in the US currency more expensive for other currency holders. The latest decline for crude came despite the US Energy Information Administration reporting on Wednesday that crude stocks fell unexpectedly by 1.6 million barrels. Analysts said low import figures contributed to the decline. The Organization of the Petroleum Exporting Countries is not outwardly worried by rising in US output and says it is comfortable at the speed the market is moving towards balance. "I think the pace is excellent, the deal is working and we're very happy with it," United Arab Emirates Energy Minister Suhail al-Mazroui, the current OPEC president, told Reuters on Wednesday. "But the job is not yet complete." In January 2017, OPEC and allies including Russia began to cut production by about 1.8 million bpd, almost 2 percent of global supply, to get rid of a glut that had built up since 2014 and that led to a price collapse. OPEC wants to reduce oil inventories held by industrialised nations to their five-year average and is getting closer to that goal, although officials are starting to talk about looking at different metrics.

Oil slips to $66 a barrel as US output offsets OPEC curbs

Oil prices on Thursday hit their highest since December, 2014, pushed up after U.S. crude inventories posted a 10th straight week of declines and as the dollar continued to weaken.

Brent crude futures, the international benchmark for oil prices, opened at $70.95 a barrel on Thursday, their highest level since early December, 2014. They had edged down to $70.86 by 0105 GMT, which was still up 33 cents, or 0.5 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures climbed to $66.22 per barrel in early trading, also the highest level since early December, 2014. They had dipped back to $66.07 a barrel by 0104 GMT, still up 46 cents, or 0.7 percent, from their last settlement.

Both crude benchmarks are up by almost 60 percent since the middle of last year.

Price support has also been coming from supply restrictions led by a group of producers around the Organization of the Petroleum Exporting Countries (OPEC) and Russia, which started last year and are set to last throughout 2018.

&quot;The Saudi&#39;s and Russians continue to work together to talk the oil market higher and last night, the countries&#39; two oil ministers said they were working together on other longer-term projects as well,&quot; said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

&quot;That, and the USD fall, along with another inventory draw combined to drive (crude) up,&quot; he added.

U.S. crude inventories fell 1.1 million barrels in the week to Jan. 19, to 411.58 million barrels, the Energy Information Administration (EIA) said on Wednesday.

That&#39;s the lowest seasonal level since 2015 and below the U.S. five-year average around 420 million barrels.

In foreign exchange markets, the U.S. dollar hit its lowest level since December, 2014 against a basket of other leading currencies.

A weakening dollar often results in financial traders taking investment out of currency markets and into commodity futures like crude.

Analysts said that rising oil prices would likely start to have an inflationary effect.

&quot;Higher oil prices will eventually be reflected in higher consumer prices as the costs of transport of most goods will rise,&quot; said William O&#39;Loughlin, investment analyst at Australia&#39;s Rivkin Securities.

Looming over the generally bullish oil market has been U.S. oil production, which is edging ever more closely towards 10 million barrels per day (bpd), hitting 9.88 million bpd last week.

U.S. output has grown by more than 17 percent since mid-2016, and is now on par with that of top exporter Saudi Arabia.

Only Russia produces more, averaging 10.98 million bpd in 2017.

US West Texas Intermediate (WTI) crude futures climbed to $66.22 per barrel in early trading, also the highest level since early December, 2014.

Oil prices on Thursday hit their highest since December, 2014, pushed up after U.S. crude inventories posted a 10th straight week of declines and as the dollar continued to weaken. Brent crude futures, the international benchmark for oil prices, opened at $70.95 a barrel on Thursday, their highest level since early December, 2014. They had edged down to $70.86 by 0105 GMT, which was still up 33 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures climbed to $66.22 per barrel in early trading, also the highest level since early December, 2014. They had dipped back to $66.07 a barrel by 0104 GMT, still up 46 cents, or 0.7 percent, from their last settlement. Both crude benchmarks are up by almost 60 percent since the middle of last year. Price support has also been coming from supply restrictions led by a group of producers around the Organization of the Petroleum Exporting Countries (OPEC) and Russia, which started last year and are set to last throughout 2018. "The Saudi's and Russians continue to work together to talk the oil market higher and last night, the countries' two oil ministers said they were working together on other longer-term projects as well," said Greg McKenna, chief market strategist at futures brokerage AxiTrader. "That, and the USD fall, along with another inventory draw combined to drive (crude) up," he added. U.S. crude inventories fell 1.1 million barrels in the week to Jan. 19, to 411.58 million barrels, the Energy Information Administration (EIA) said on Wednesday. That's the lowest seasonal level since 2015 and below the U.S. five-year average around 420 million barrels. In foreign exchange markets, the U.S. dollar hit its lowest level since December, 2014 against a basket of other leading currencies. A weakening dollar often results in financial traders taking investment out of currency markets and into commodity futures like crude. Analysts said that rising oil prices would likely start to have an inflationary effect. "Higher oil prices will eventually be reflected in higher consumer prices as the costs of transport of most goods will rise," said William O'Loughlin, investment analyst at Australia's Rivkin Securities. Looming over the generally bullish oil market has been U.S. oil production, which is edging ever more closely towards 10 million barrels per day (bpd), hitting 9.88 million bpd last week. U.S. output has grown by more than 17 percent since mid-2016, and is now on par with that of top exporter Saudi Arabia. Only Russia produces more, averaging 10.98 million bpd in 2017.

Oil hits highest since late 2014 on US crude inventory drop, weaker dollar

India on Saturday signed the first concessional agreement with the United Arab Emirates (UAE) in the oil sector.

&quot;The single most important agreement that was signed and which reflects a change in our energy relationship with the UAE was the one signed between a consortium of the Indian oil companies and Abu Dhabi National Oil Company (ADNOC) for the acquisition of 10% participating interest in the offshore Lower Zakum Concession,&quot; said Indian Ambassador to the UAE Navdeep Singh Suri in a media briefing.

The Ambassador underscored that this is the first time ever that the Indian Consortium has received concession in the Gulf.

&quot;It is the first concessional agreement which has been signed between ADNOC and India which will be for 40 years from 2018 to 2057,&quot; Ambassador Suri said.

The Ambassador also used the occasion to emphasise that the UAE&#39;s Etihad Railways is looking for a major expansion plan and that they are looking forward to India as their partner.

In a bid to consolidate the financial architecture, India and the UAE will sign two more agreements in upcoming days.Ambassador Suri explained the currency agreement, according to which the businesses between the two countries will be executed directly in the Indian rupee and Emirati dirham (AED).

Furthermore, the Ambassador underscored another agreement wherein the Financial Intelligence Units of the two countries will function in cooperation to prevent money laundering.

In terms of education, Indian Institutes of Management (IIM) Ahmedabad will expand its campus overseas in the UAE and Manipal University has announced Manipal Insitute announced to open its first medical college in Dubai.

Briefing the press about the migration to the UAE, the Ambassador stated that, &quot;We want to integrate our e-migrate system with the UAE. People visit here on a tourist visa and then take up a job. If they come by e-migrate we&#39;ll have their details. We&#39;re trying to integrate with their labor laws so that contract is acceptable to them too.&quot; In total, India and the UAE have signed five MoUs.

The Ambassador underscored that this is the first time ever that the Indian Consortium has received concession in the Gulf

India on Saturday signed the first concessional agreement with the United Arab Emirates (UAE) in the oil sector. "The single most important agreement that was signed and which reflects a change in our energy relationship with the UAE was the one signed between a consortium of the Indian oil companies and Abu Dhabi National Oil Company (ADNOC) for the acquisition of 10% participating interest in the offshore Lower Zakum Concession," said Indian Ambassador to the UAE Navdeep Singh Suri in a media briefing. The Ambassador underscored that this is the first time ever that the Indian Consortium has received concession in the Gulf. "It is the first concessional agreement which has been signed between ADNOC and India which will be for 40 years from 2018 to 2057," Ambassador Suri said. The Ambassador also used the occasion to emphasise that the UAE's Etihad Railways is looking for a major expansion plan and that they are looking forward to India as their partner. In a bid to consolidate the financial architecture, India and the UAE will sign two more agreements in upcoming days.Ambassador Suri explained the currency agreement, according to which the businesses between the two countries will be executed directly in the Indian rupee and Emirati dirham (AED). Furthermore, the Ambassador underscored another agreement wherein the Financial Intelligence Units of the two countries will function in cooperation to prevent money laundering. In terms of education, Indian Institutes of Management (IIM) Ahmedabad will expand its campus overseas in the UAE and Manipal University has announced Manipal Insitute announced to open its first medical college in Dubai. Briefing the press about the migration to the UAE, the Ambassador stated that, "We want to integrate our e-migrate system with the UAE. People visit here on a tourist visa and then take up a job. If they come by e-migrate we'll have their details. We're trying to integrate with their labor laws so that contract is acceptable to them too." In total, India and the UAE have signed five MoUs.

India signs first concessional agreement with UAE in oil sector

China on Friday denied reports it has been illicitly selling oil products to North Korea, after U.S. President Donald Trump said he was not happy that China had allowed oil to reach the isolated nation.

Trump said on Twitter the previous day that China had been &quot;caught&quot; allowing oil into North Korea and that would prevent &quot;a friendly solution&quot; to the crisis over North Korea&#39;s nuclear programme.

&quot;I have been soft on China because the only thing more important to me than trade is war,&quot; Trump said in a separate interview with The New York Times.

South Korea&#39;s Chosun Ilbo newspaper this week quoted South Korean government sources as saying that U.S. spy satellites had detected Chinese ships transferring oil to North Korean vessels about 30 times since October.

US&nbsp;officials have not confirmed details of this report.

Chinese Foreign Ministry spokeswoman Hua Chunying told reporters she had noted recent media reports including suggestions a Chinese vessel was suspected of transporting oil to a North Korean vessel on October&nbsp;19.

&quot;The Chinese side has conducted immediate investigation. In reality, the ship in question has, since August, not docked at a Chinese port and there is no record of it entering or leaving a Chinese port,&quot; Hua said.

She said she was not aware if the vessel had docked at the port in other countries but the relevant media reports &quot;did not accord with facts&quot;.

&quot;China has always implemented UN&nbsp;Security Council resolutions pertaining to North Korea in their entirety and fulfils its international obligations. We never allow Chinese companies and citizens to violate the resolutions,&quot; Hua said.&nbsp;

&quot;If, through investigation, it`s confirmed there are violations of the UN&nbsp;Security Council resolutions, China will deal with them seriously in accordance with laws and regulations.&quot;

In the New York Times interview, Trump explicitly tied his administration&#39;s trade policy with China to its perceived cooperation in resolving the North Korea nuclear crisis.

&quot;When I campaigned, I was very tough on China in terms of trade. They made &mdash; last year, we had a trade deficit with China of $350 billion, minimum. That doesn&#39;t include the theft of intellectual property, O.K., which is another $300 billion,&quot; Trump said, according to a transcript of the interview.

&quot;If they&#39;re helping me with North Korea, I can look at trade a little bit differently, at least for a period of time. And that&#39;s what I&#39;ve been doing. But when oil is going in, I&#39;m not happy about that.&quot;

An official of the U.S. State Department said the U.S. government was aware of vessels engaged in such activity involving refined petroleum and coal.

&quot;We have evidence that some of the vessels engaged in these activities are owned by companies in several countries, including China,&quot; the official said, speaking on condition of anonymity.

The United States says the full cooperation of China, North Korea&#39;s neighbour and main trading partner, is vital to the success of efforts to rein in North Korea, while warning that all options are on the table, including military ones, in dealing with it.

China has repeatedly said it is fully enforcing all resolutions against North Korea, despite suspicion in Washington, Seoul and Tokyo that loopholes still exist.

Evading sanctions&nbsp;

South Korea said on Friday it had seized a Hong Kong-flagged ship suspected of transferring oil to North Korea in defiance of the sanctions.

A senior South Korean foreign ministry official said the ship, the Lighthouse Winmore, was seized when it arrived at a South Korean port in late November.

&quot;It&#39;s unclear how much oil the ship had transferred to North Korea for how long and on how many occasions, but it clearly showed North Korea is engaged in evading the sanctions,&quot; the official told Reuters.

South Korea&#39;s customs service concluded that the Lighthouse Winmore had loaded about 14,000 tons of Japanese refined petroleum products in South Korea on Oct. 11, reportedly bound for Taiwan, the official said.&nbsp;

But instead, it transferred as much as 600 tons to the North Korea-flagged Sam Jong 2 on October 19 in international waters between China and the Korean peninsula, on the order of its charterer, Billions Bunker Group Corp., based in Taiwan, the ministry official said.

It was not immediately possible to find contact information for the company.

The Hong Kong government said it was &quot;liaising with the Korean parties concerned to obtain further information about the incident, and will take appropriate actions as necessary&quot;.

Employees at the office of Lighthouse Ship Management, the ship&#39;s registered manager, in the Chinese port city of Guangzhou, declined to comment and said they had no knowledge of the situation.&nbsp;

China&#39;s foreign ministry spokeswoman said she did not have any information about the matter.

Both ships were among 10 vessels that the United States had proposed that the UN&nbsp;Security Council should blacklist for transporting banned items from North

Korea, documents seen by Reuters this month showed.

China and Russia subsequently asked for more time to consider the U.S. proposal.&nbsp;

Ship tracking data in Thomson Reuters Eikon shows that the Lighthouse Winmore has mainly been doing supply runs between China and Taiwan since August.&nbsp;

Prior to that, it was active between India and the United Arab Emirates. In October, when it allegedly transferred petroleum products to the North Korean ship, the Lighthouse Winmore had its tracking transponder switched off.

The Trump administration has led a drive to step up global sanctions on North Korea in response to its efforts to develop nuclear-tipped missiles capable of hitting the United States.

The UN&nbsp;Security Council last week unanimously imposed new sanctions on North Korea for a recent intercontinental ballistic missile (ICBM) test, seeking to further limit its access to refined petroleum products and crude oil.

The US-drafted UN&nbsp;resolution seeks to ban nearly 90 percent of refined petroleum exports to North Korea by capping them at 500,000 barrels a year.

It also caps crude oil supplies to North Korea at 4 million barrels a year and commits the Security Council to further cuts if North Korea conducts another nuclear or intercontinental ballistic missile test.

In September, the Security Council put a cap of 2 million barrels a year on refined petroleum products exports to North Korea.

Trump said on Twitter that China had been "caught" allowing oil into North Korea

China on Friday denied reports it has been illicitly selling oil products to North Korea, after U.S. President Donald Trump said he was not happy that China had allowed oil to reach the isolated nation. Trump said on Twitter the previous day that China had been "caught" allowing oil into North Korea and that would prevent "a friendly solution" to the crisis over North Korea's nuclear programme. "I have been soft on China because the only thing more important to me than trade is war," Trump said in a separate interview with The New York Times. South Korea's Chosun Ilbo newspaper this week quoted South Korean government sources as saying that U.S. spy satellites had detected Chinese ships transferring oil to North Korean vessels about 30 times since October. US officials have not confirmed details of this report. Chinese Foreign Ministry spokeswoman Hua Chunying told reporters she had noted recent media reports including suggestions a Chinese vessel was suspected of transporting oil to a North Korean vessel on October 19. "The Chinese side has conducted immediate investigation. In reality, the ship in question has, since August, not docked at a Chinese port and there is no record of it entering or leaving a Chinese port," Hua said. She said she was not aware if the vessel had docked at the port in other countries but the relevant media reports "did not accord with facts". "China has always implemented UN Security Council resolutions pertaining to North Korea in their entirety and fulfils its international obligations. We never allow Chinese companies and citizens to violate the resolutions," Hua said. "If, through investigation, it`s confirmed there are violations of the UN Security Council resolutions, China will deal with them seriously in accordance with laws and regulations." In the New York Times interview, Trump explicitly tied his administration's trade policy with China to its perceived cooperation in resolving the North Korea nuclear crisis. "When I campaigned, I was very tough on China in terms of trade. They made — last year, we had a trade deficit with China of $350 billion, minimum. That doesn't include the theft of intellectual property, O.K., which is another $300 billion," Trump said, according to a transcript of the interview. "If they're helping me with North Korea, I can look at trade a little bit differently, at least for a period of time. And that's what I've been doing. But when oil is going in, I'm not happy about that." An official of the U.S. State Department said the U.S. government was aware of vessels engaged in such activity involving refined petroleum and coal. "We have evidence that some of the vessels engaged in these activities are owned by companies in several countries, including China," the official said, speaking on condition of anonymity. The United States says the full cooperation of China, North Korea's neighbour and main trading partner, is vital to the success of efforts to rein in North Korea, while warning that all options are on the table, including military ones, in dealing with it. China has repeatedly said it is fully enforcing all resolutions against North Korea, despite suspicion in Washington, Seoul and Tokyo that loopholes still exist. Evading sanctions South Korea said on Friday it had seized a Hong Kong-flagged ship suspected of transferring oil to North Korea in defiance of the sanctions. A senior South Korean foreign ministry official said the ship, the Lighthouse Winmore, was seized when it arrived at a South Korean port in late November. "It's unclear how much oil the ship had transferred to North Korea for how long and on how many occasions, but it clearly showed North Korea is engaged in evading the sanctions," the official told Reuters. South Korea's customs service concluded that the Lighthouse Winmore had loaded about 14,000 tons of Japanese refined petroleum products in South Korea on Oct. 11, reportedly bound for Taiwan, the official said. But instead, it transferred as much as 600 tons to the North Korea-flagged Sam Jong 2 on October 19 in international waters between China and the Korean peninsula, on the order of its charterer, Billions Bunker Group Corp., based in Taiwan, the ministry official said. It was not immediately possible to find contact information for the company. The Hong Kong government said it was "liaising with the Korean parties concerned to obtain further information about the incident, and will take appropriate actions as necessary". Employees at the office of Lighthouse Ship Management, the ship's registered manager, in the Chinese port city of Guangzhou, declined to comment and said they had no knowledge of the situation. China's foreign ministry spokeswoman said she did not have any information about the matter. Both ships were among 10 vessels that the United States had proposed that the UN Security Council should blacklist for transporting banned items from North Korea, documents seen by Reuters this month showed. China and Russia subsequently asked for more time to consider the U.S. proposal. Ship tracking data in Thomson Reuters Eikon shows that the Lighthouse Winmore has mainly been doing supply runs between China and Taiwan since August. Prior to that, it was active between India and the United Arab Emirates. In October, when it allegedly transferred petroleum products to the North Korean ship, the Lighthouse Winmore had its tracking transponder switched off. The Trump administration has led a drive to step up global sanctions on North Korea in response to its efforts to develop nuclear-tipped missiles capable of hitting the United States. The UN Security Council last week unanimously imposed new sanctions on North Korea for a recent intercontinental ballistic missile (ICBM) test, seeking to further limit its access to refined petroleum products and crude oil. The US-drafted UN resolution seeks to ban nearly 90 percent of refined petroleum exports to North Korea by capping them at 500,000 barrels a year. It also caps crude oil supplies to North Korea at 4 million barrels a year and commits the Security Council to further cuts if North Korea conducts another nuclear or intercontinental ballistic missile test. In September, the Security Council put a cap of 2 million barrels a year on refined petroleum products exports to North Korea.

After Trump criticism, China says no illicit oil sales to North Korea

US&nbsp;President Donald Trump on Thursday said he was &quot;very disappointed that China is allowing oil to go into North Korea&quot; and that such moves would prevent &quot;a friendly solution&quot; to the crisis over Pyongyang&#39;s nuclear program.

&quot;Caught RED HANDED - very disappointed that China is allowing oil to go into North Korea. There will never be a friendly solution to the North Korea problem if this continues to happen!&quot; Trump wrote in a post on Twitter.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
Caught RED HANDED - very disappointed that China is allowing oil to go into North Korea. There will never be a friendly solution to the North Korea problem if this continues to happen!
&mdash; Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/946416486054285314?ref_src=twsrc%5Etfw">December 28, 2017</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

China earlier on Thursday said there had been no UN&nbsp;sanction-breaking oil sales by Chinese ships to North Korea after a South Korea newspaper said Chinese and North Korean vessels had been illicitly linking up at sea to get oil to North Korea.&nbsp;

China earlier on Thursday said there had been no UN?sanction-breaking oil sales by Chinese ships to North Korea

US President Donald Trump on Thursday said he was "very disappointed that China is allowing oil to go into North Korea" and that such moves would prevent "a friendly solution" to the crisis over Pyongyang's nuclear program. "Caught RED HANDED - very disappointed that China is allowing oil to go into North Korea. There will never be a friendly solution to the North Korea problem if this continues to happen!" Trump wrote in a post on Twitter. Caught RED HANDED - very disappointed that China is allowing oil to go into North Korea. There will never be a friendly solution to the North Korea problem if this continues to happen! — Donald J. Trump (@realDonaldTrump) December 28, 2017 × China earlier on Thursday said there had been no UN sanction-breaking oil sales by Chinese ships to North Korea after a South Korea newspaper said Chinese and North Korean vessels had been illicitly linking up at sea to get oil to North Korea.

'Disappointed' on China allowing oil into North Korea, Trump tweets

Oil prices fell on Monday as last week&#39;s rise in the US rig count pointed to a further increase in American production that could undermine OPEC-led efforts to tighten markets.&nbsp;A statement by Kuwait&#39;s oil minister that OPEC and other oil producers will study before June next year the possibility of exiting their global oil supply-cut agreement also weighed on prices, traders said.&nbsp;

US West Texas Intermediate (WTI) crude futures were at $57.14 a barrel at 0418 GMT, down 22 cents, or 0.4 per cent, from their last settlement.&nbsp;Brent crude futures, the international benchmark for oil prices, were down 25 cents, or 0.4 percent, at $63.15 a barrel.

&quot;The largest concern for investors currently remains the rise in the US rig count, which could potentially jeopardise the OPEC and Russian agreement when they meet for a review in June 2018&quot;, said Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers.&nbsp;

The number of rigs drilling for new oil output in the United States rose by two in the week to December 8, to 751, the highest level since September, General Electric Co&#39;s Baker Hughes energy services firm said on Friday.&nbsp;A higher rig count points to a further rise in US crude production, which is already up by more than 15 percent since mid-2016 to 9.71 million barrels per day (bpd).&nbsp;

That&#39;s the highest level since the early 1970s, and close to levels from top producers Russia and Saudi Arabia.&nbsp;Rising US output threatens to undermine efforts led by the <a href="http://www.wionews.com/business-economy/oil-prices-slip-as-us-drilling-undermines-opec-led-production-cut-16196">Organization of the Petroleum Exporting Countries</a> (OPEC) and a group of non-OPEC producers, including Russia, to support prices by withholding supplies.&nbsp;

OPEC and its allies started withholding supplies last January and currently plan to continue doing so throughout 2018.&nbsp;Kuwait&#39;s oil minister Essam al-Marzouq said on Sunday, however, OPEC and other oil producers will study before June possibly ending the global oil supply cuts earlier.&nbsp;

Also Read:&nbsp;<a href="http://www.wionews.com/business-economy/oil-prices-dive-after-britain-votes-to-leave-eu-1097">Oil prices dive after Britain votes to leave EU</a>

United State's rig count rose to 751 with 2 more adding in last week alone. The number points to rise in crude production in U.S. leading to price drops of crude oil

Oil prices fell on Monday as last week's rise in the US rig count pointed to a further increase in American production that could undermine OPEC-led efforts to tighten markets. A statement by Kuwait's oil minister that OPEC and other oil producers will study before June next year the possibility of exiting their global oil supply-cut agreement also weighed on prices, traders said. US West Texas Intermediate (WTI) crude futures were at $57.14 a barrel at 0418 GMT, down 22 cents, or 0.4 per cent, from their last settlement. Brent crude futures, the international benchmark for oil prices, were down 25 cents, or 0.4 percent, at $63.15 a barrel. "The largest concern for investors currently remains the rise in the US rig count, which could potentially jeopardise the OPEC and Russian agreement when they meet for a review in June 2018", said Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers. The number of rigs drilling for new oil output in the United States rose by two in the week to December 8, to 751, the highest level since September, General Electric Co's Baker Hughes energy services firm said on Friday. A higher rig count points to a further rise in US crude production, which is already up by more than 15 percent since mid-2016 to 9.71 million barrels per day (bpd). That's the highest level since the early 1970s, and close to levels from top producers Russia and Saudi Arabia. Rising US output threatens to undermine efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and a group of non-OPEC producers, including Russia, to support prices by withholding supplies. OPEC and its allies started withholding supplies last January and currently plan to continue doing so throughout 2018. Kuwait's oil minister Essam al-Marzouq said on Sunday, however, OPEC and other oil producers will study before June possibly ending the global oil supply cuts earlier. Also Read: Oil prices dive after Britain votes to leave EU

Oil prices drop on increased US drilling activity

Oil prices were stable on Friday, held back by a strengthening U.S. dollar but supported by China&#39;s relentless thirst for crude amid the OPEC-led supply cuts that have already tightened the market this year.

US&nbsp;West Texas Intermediate (WTI) crude futures were at $56.68 a barrel at 0535 GMT, virtually unchanged from their last settlement at $56.69.&nbsp;Brent crude futures, the international benchmark for oil prices, were steady at $62.20 a barrel.&nbsp;

Traders said a stronger dollar, which has gained 0.9 percent this month against a basket of other leading currencies, was weighing on prices.&nbsp;A rising greenback attracts financial traders who switch investments in commodity futures and foreign exchange. A strong dollar is also seen by many as a brake on crude prices, as it makes dollar-denominated oil purchases more expensive in countries that use other currencies.

&quot;A strong U.S. dollar could act as a headwind to commodities&quot;, Bank of America Merrill Lynch (BoAML) said in its 2018 outlook.&nbsp;Despite this, China&#39;s booming oil demand will overtake the United States as the world&#39;s biggest crude importer, this year.

China&#39;s crude oil imports rose to 37.04 million tonnes in November, or 9.01 million barrels per day (bpd), the second highest on record, data from the General Administration of Customs showed on Friday.&nbsp;&quot;China&#39;s crude oil imports will continue to rise over the coming years, as output declines from several of its giant onshore fields... This will inevitably see China become more reliant on crude oil imports over our forecast period, with import dependency set to increase from a record 68.0 percent in 2017 to nearly 80 percent by 2021&quot;, BMI Research said.

Bank of America Merrill Lynch, meanwhile, said healthy global demand and tight supplies should see Brent crude oil rise to $70 per barrel by mid-year.&nbsp;U.S. investment bank Jefferies said it expects 2018 global oil demand growth of 1.5 million bpd, driven by near 10 percent demand growth in China.&nbsp;

On the supply side, oil prices have been receiving support from the Organization of the Petroleum Exporting Countries (OPEC) and a group of non-OPEC producers, most importantly Russia, which has been withholding supplies to tighten the market.&nbsp;Largely because of these voluntary production cuts, oil prices rose sharply between June and October, with Brent gaining around 40 percent in value.

Threatening to undermine OPEC&#39;s goal to tighten markets is U.S. oil production, which has risen by more than 15 percent since mid-2016 to 9.7 million barrels per day (bpd), the highest level since the early 1970s and close to the output of top producers Russia and Saudi Arabia.&nbsp;The EIA monthly data on U.S. crude production published November 30 was also somewhat bearish.

Oil prices in the world were stable on Friday as China's thirst for crude countered continuously strengthening U.S. dollar. It is speculated that China's booming oil demand will result in it becoming the world's biggest crude importer

Oil prices were stable on Friday, held back by a strengthening U.S. dollar but supported by China's relentless thirst for crude amid the OPEC-led supply cuts that have already tightened the market this year. US West Texas Intermediate (WTI) crude futures were at $56.68 a barrel at 0535 GMT, virtually unchanged from their last settlement at $56.69. Brent crude futures, the international benchmark for oil prices, were steady at $62.20 a barrel. Traders said a stronger dollar, which has gained 0.9 percent this month against a basket of other leading currencies, was weighing on prices. A rising greenback attracts financial traders who switch investments in commodity futures and foreign exchange. A strong dollar is also seen by many as a brake on crude prices, as it makes dollar-denominated oil purchases more expensive in countries that use other currencies. "A strong U.S. dollar could act as a headwind to commodities", Bank of America Merrill Lynch (BoAML) said in its 2018 outlook. Despite this, China's booming oil demand will overtake the United States as the world's biggest crude importer, this year. China's crude oil imports rose to 37.04 million tonnes in November, or 9.01 million barrels per day (bpd), the second highest on record, data from the General Administration of Customs showed on Friday. "China's crude oil imports will continue to rise over the coming years, as output declines from several of its giant onshore fields... This will inevitably see China become more reliant on crude oil imports over our forecast period, with import dependency set to increase from a record 68.0 percent in 2017 to nearly 80 percent by 2021", BMI Research said. Bank of America Merrill Lynch, meanwhile, said healthy global demand and tight supplies should see Brent crude oil rise to $70 per barrel by mid-year. U.S. investment bank Jefferies said it expects 2018 global oil demand growth of 1.5 million bpd, driven by near 10 percent demand growth in China. On the supply side, oil prices have been receiving support from the Organization of the Petroleum Exporting Countries (OPEC) and a group of non-OPEC producers, most importantly Russia, which has been withholding supplies to tighten the market. Largely because of these voluntary production cuts, oil prices rose sharply between June and October, with Brent gaining around 40 percent in value. Threatening to undermine OPEC's goal to tighten markets is U.S. oil production, which has risen by more than 15 percent since mid-2016 to 9.7 million barrels per day (bpd), the highest level since the early 1970s and close to the output of top producers Russia and Saudi Arabia. The EIA monthly data on U.S. crude production published November 30 was also somewhat bearish.

Oil prices steady as Chinese demand counters stronger dollar

Cairn&nbsp;India, a unit of Vedanta Resources Plc, will invest about $4.59 billion&nbsp;in oil and gas exploration projects off the country&#39;s east coast and in the onshore fields of Barmer in the west, its finance head said.

Sudhir Mathur expects all approvals for the projects to be in place by the end of this month, he told Reuters on Monday on the sidelines of the three-day India Energy Forum by Ceraweek in New Delhi that ends on Tuesday.

Cairn?India said expects all approvals for the projects to be in place by the end of this month

Cairn India, a unit of Vedanta Resources Plc, will invest about $4.59 billion in oil and gas exploration projects off the country's east coast and in the onshore fields of Barmer in the west, its finance head said. Sudhir Mathur expects all approvals for the projects to be in place by the end of this month, he told Reuters on Monday on the sidelines of the three-day India Energy Forum by Ceraweek in New Delhi that ends on Tuesday.

Will invest $4.6 billion in oil & gas exploration projects in India: Cairn

Oil&nbsp;rose on Wednesday,&nbsp;set&nbsp;for its largest third-quarter gain in 13 years, after the&nbsp;Iraqi&nbsp;oil&nbsp;minister said&nbsp;OPEC&nbsp;and its partners were considering extending or deepening supply cuts to erode an existing global surplus.

Brent crude futures rose 29 cents to $55.43 a barrel by 0800 GMT, while US&nbsp;West Texas Intermediate (WTI) crude futures were up 42 cents at $49.90 a barrel.

The&nbsp;oil&nbsp;price is on course for a rise of 15.5 per cent this quarter, which would make this year&#39;s performance the&nbsp;strongest&nbsp;for the third quarter&nbsp;since&nbsp;2004.

&quot;An improving macro-economic backdrop should spur&nbsp;oil&nbsp;demand growth over the next couple of quarters and if&nbsp;OPEC&nbsp;increases its adherence to production cuts, higher prices will come,&quot; ANZ Research said in a note.&quot;All things being equal, we still expect&nbsp;oil&nbsp;prices to test new highs (for 2017) by the end of the year.&quot;

The Organization of the Petroleum Exporting Countries and other producers are mulling a range of options, including an&nbsp;extension&nbsp;of cuts, but it is premature to decide on what to do beyond March when the agreement expires,&nbsp;Iraqi&nbsp;oil&nbsp;minister Jabar al-Luaibi told an energy conference on Tuesday.

OPEC&nbsp;and producers including Russia have agreed to reduce output by about 1.8 million barrels per day until March 2018 to reduce global&nbsp;oil&nbsp;inventories and support prices.

Some producers think the pact should be extended for three or four months, others want it to run until the end of 2018, while some, including Ecuador and&nbsp;Iraq, think there should be another round of supply cuts, al-Luaibi said.

But analysts doubt that such an&nbsp;extension&nbsp;would have much of an impact on the overall&nbsp;oil market.

&quot;I can&#39;t see the market tightening unless&nbsp;OPEC&nbsp;cuts output further next year,&quot; Commerzbank strategist Carsten Fritsch said.

Georgi Slavov, head of research at commodities brokerage Marex Spectron said he did not expect demand for crude&nbsp;oil&nbsp;to rise significantly in the final quarter of this year, which meant supply would have to be restricted even more tightly.

US&nbsp;crude stocks rose last week while gasoline and distillate stocks decreased, according to the American Petroleum Institute on Tuesday. [API/S]

Crude inventories rose by 1.4 million barrels in the week to Sept. 15 to 470.3 million, compared with expectations for an increase of 3.5 million barrels.

The US&nbsp;Department of Energy releases official data on inventories and refinery activity later on Wednesday.

Brent crude futures rose 29 cents to $55.43 a barrel by 0800 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 42 cents at $49.90 a barrel.

Oil rose on Wednesday, set for its largest third-quarter gain in 13 years, after the Iraqi oil minister said OPEC and its partners were considering extending or deepening supply cuts to erode an existing global surplus. Brent crude futures rose 29 cents to $55.43 a barrel by 0800 GMT, while US West Texas Intermediate (WTI) crude futures were up 42 cents at $49.90 a barrel. The oil price is on course for a rise of 15.5 per cent this quarter, which would make this year's performance the strongest for the third quarter since 2004. "An improving macro-economic backdrop should spur oil demand growth over the next couple of quarters and if OPEC increases its adherence to production cuts, higher prices will come," ANZ Research said in a note."All things being equal, we still expect oil prices to test new highs (for 2017) by the end of the year." The Organization of the Petroleum Exporting Countries and other producers are mulling a range of options, including an extension of cuts, but it is premature to decide on what to do beyond March when the agreement expires, Iraqi oil minister Jabar al-Luaibi told an energy conference on Tuesday. OPEC and producers including Russia have agreed to reduce output by about 1.8 million barrels per day until March 2018 to reduce global oil inventories and support prices. Some producers think the pact should be extended for three or four months, others want it to run until the end of 2018, while some, including Ecuador and Iraq, think there should be another round of supply cuts, al-Luaibi said. But analysts doubt that such an extension would have much of an impact on the overall oil market. "I can't see the market tightening unless OPEC cuts output further next year," Commerzbank strategist Carsten Fritsch said. Georgi Slavov, head of research at commodities brokerage Marex Spectron said he did not expect demand for crude oil to rise significantly in the final quarter of this year, which meant supply would have to be restricted even more tightly. US crude stocks rose last week while gasoline and distillate stocks decreased, according to the American Petroleum Institute on Tuesday. [API/S] Crude inventories rose by 1.4 million barrels in the week to Sept. 15 to 470.3 million, compared with expectations for an increase of 3.5 million barrels. The US Department of Energy releases official data on inventories and refinery activity later on Wednesday.

Oil set for strongest Q3 since 2004, Iraq hints at OPEC extension

Oil&nbsp;prices rose on Friday as the US&nbsp;petroleum industry braced for Hurricane Harvey, which may become the biggest storm to hit the US mainland in more than a decade.

Harvey became a category 2 storm as it crossed the Gulf of Mexico with winds of 105 mph (169 kph), 220 miles (355 km) off Corpus Christi, Texas, the National Hurricane Center said.

The hurricane is forecast to make landfall late Friday or early Saturday between Corpus Christi and Houston, both important&nbsp;oil&nbsp;refining centers.

US light crude, also known as West Texas Intermediate or WTI, was up 30 cents at $47.73 a barrel by 1015 GMT. Brent crude was 30 cents higher at $52.34.

Energy companies have pulled workers from offshore&nbsp;oil&nbsp;platforms and halted onshore drilling in south Texas.

Just under 10 percent of offshore US. Gulf of Mexico crude output capacity and nearly 15 percent of natural gas production had been halted by midday on Thursday, government data showed.

&quot;Damage and flooding to refineries and shale fields, disrupted production in the Gulf of Mexico and infrastructure damage is unlikely to be bearish for WTI,&quot; said Jeffrey Halley, market analyst at brokerage OANDA.

US gasoline prices have risen almost 10 percent since Wednesday to a high of $1.74 a gallon, their loftiest since April as refiners shut down in preparation for the storm.

The Port of Corpus Christi, Texas, was closed to vessel traffic, a spokeswoman for the city&#39;s Port Authority said.

Oil&nbsp;refineries in the city run by Citgo Petroleum, Valero Energy Corp, and Flint Hills Resources also began shutting down.

Beyond the storm&#39;s potential impact on the&nbsp;oil&nbsp;industry, crude remains in ample supply globally despite efforts led by the Organization of the Petroleum Exporting Countries to hold back production in order to prop up prices.

OPEC, together with non-OPEC producers including Russia, has pledged to cut output by 1.8 million barrels per day (bpd) this year and in the first quarter of 2018. But not all producers have kept to their pledges and supplies remain high.

A joint OPEC, non-OPEC monitoring ministerial committee said on Thursday that an extension to the supply-cut pact beyond March was possible, though not yet decided.

Part of the reason for the crude glut has been rising U.S. production, which has jumped by 13 percent since mid-2016 to 9.53 million bpd, close to its 9.61 million bpd record from June 2015.

Harvey became a category 2 storm as it crossed the Gulf of Mexico with winds of 105 mph (169 kph), 220 miles (355 km) off Corpus Christi, Texas

Oil prices rose on Friday as the US petroleum industry braced for Hurricane Harvey, which may become the biggest storm to hit the US mainland in more than a decade. Harvey became a category 2 storm as it crossed the Gulf of Mexico with winds of 105 mph (169 kph), 220 miles (355 km) off Corpus Christi, Texas, the National Hurricane Center said. The hurricane is forecast to make landfall late Friday or early Saturday between Corpus Christi and Houston, both important oil refining centers. US light crude, also known as West Texas Intermediate or WTI, was up 30 cents at $47.73 a barrel by 1015 GMT. Brent crude was 30 cents higher at $52.34. Energy companies have pulled workers from offshore oil platforms and halted onshore drilling in south Texas. Just under 10 percent of offshore US. Gulf of Mexico crude output capacity and nearly 15 percent of natural gas production had been halted by midday on Thursday, government data showed. "Damage and flooding to refineries and shale fields, disrupted production in the Gulf of Mexico and infrastructure damage is unlikely to be bearish for WTI," said Jeffrey Halley, market analyst at brokerage OANDA. US gasoline prices have risen almost 10 percent since Wednesday to a high of $1.74 a gallon, their loftiest since April as refiners shut down in preparation for the storm. The Port of Corpus Christi, Texas, was closed to vessel traffic, a spokeswoman for the city's Port Authority said. Oil refineries in the city run by Citgo Petroleum, Valero Energy Corp, and Flint Hills Resources also began shutting down. Beyond the storm's potential impact on the oil industry, crude remains in ample supply globally despite efforts led by the Organization of the Petroleum Exporting Countries to hold back production in order to prop up prices. OPEC, together with non-OPEC producers including Russia, has pledged to cut output by 1.8 million barrels per day (bpd) this year and in the first quarter of 2018. But not all producers have kept to their pledges and supplies remain high. A joint OPEC, non-OPEC monitoring ministerial committee said on Thursday that an extension to the supply-cut pact beyond March was possible, though not yet decided. Part of the reason for the crude glut has been rising U.S. production, which has jumped by 13 percent since mid-2016 to 9.53 million bpd, close to its 9.61 million bpd record from June 2015.

Hurricane Harvey hits US mainland, oil prices increase

Oil&nbsp;prices steadied on Thursday, holding on to most of their recent gains after another fall in <a href="http://www.wionews.com/business-economy/oil-jumps-to-near-8-week-high-after-big-draw-in-us-crude-stocks-18831">US&nbsp;crude</a> inventories indicated a tighter market, and as a tropical storm headed towards&nbsp;oil&nbsp;producing facilities in the Gulf of Mexico.

Benchmark Brent crude was down 5 cents a barrel at $52.52 by 0925 GMT. US&nbsp;light, sweet crude was 10 cents lower at $48.31 a barrel.

Both contracts rose more than 1 percent on Wednesday, buoyed by potential output disruptions from the Gulf of Mexico storm Tropical Depression Harvey.

&quot;For the next few days, the US&nbsp;market is going to be focused on Texas as Tropical Depression Harvey is expected to strengthen into a Category I hurricane by Friday,&quot; said Sukrit Vijayakar, director of energy consultancy Trifecta.

&quot;Operators in the area are already closing down platforms and evacuating workers as a precaution,&quot; he added.

Harvey strengthened into a tropical storm late on Wednesday night with winds of about 40 miles per hour (65 km per hour) and was located about 440 miles (705 km) southeast of Port Mansfield, Texas, the U.S. National Hurricane Center reported.

Royal Dutch Shell, Anadarko Petroleum and Exxon Mobil have all taken steps to curb some&nbsp;oiland gas output at platforms in the Gulf.

Beyond the weather, traders said declines in US&nbsp;commercial crude storage levels were a sign of a gradually tightening market, although another rise in output held the market back.

US&nbsp;crude&nbsp;oil&nbsp;production hit 9.53 million barrels per day (bpd) last week, its highest since July 2015 and up over 13 percent from their most recent low in mid-2016.

Despite this, U.S. crude stocks fell last week and gasoline stocks were down as well, the Energy Information Administration said on Wednesday.

Crude inventories fell by 3.3 million barrels in the week ending Aug. 18 to 463.17 million barrels, down 13.5 percent from record levels last March.

US crude oil production hit 9.53 million barrels per day (bpd) last week, its highest since July 2015 and up over 13 percent from their most recent low in mid-2016

Oil prices steadied on Thursday, holding on to most of their recent gains after another fall in US crude inventories indicated a tighter market, and as a tropical storm headed towards oil producing facilities in the Gulf of Mexico. Benchmark Brent crude was down 5 cents a barrel at $52.52 by 0925 GMT. US light, sweet crude was 10 cents lower at $48.31 a barrel. Both contracts rose more than 1 percent on Wednesday, buoyed by potential output disruptions from the Gulf of Mexico storm Tropical Depression Harvey. "For the next few days, the US market is going to be focused on Texas as Tropical Depression Harvey is expected to strengthen into a Category I hurricane by Friday," said Sukrit Vijayakar, director of energy consultancy Trifecta. "Operators in the area are already closing down platforms and evacuating workers as a precaution," he added. Harvey strengthened into a tropical storm late on Wednesday night with winds of about 40 miles per hour (65 km per hour) and was located about 440 miles (705 km) southeast of Port Mansfield, Texas, the U.S. National Hurricane Center reported. Royal Dutch Shell, Anadarko Petroleum and Exxon Mobil have all taken steps to curb some oiland gas output at platforms in the Gulf. Beyond the weather, traders said declines in US commercial crude storage levels were a sign of a gradually tightening market, although another rise in output held the market back. US crude oil production hit 9.53 million barrels per day (bpd) last week, its highest since July 2015 and up over 13 percent from their most recent low in mid-2016. Despite this, U.S. crude stocks fell last week and gasoline stocks were down as well, the Energy Information Administration said on Wednesday. Crude inventories fell by 3.3 million barrels in the week ending Aug. 18 to 463.17 million barrels, down 13.5 percent from record levels last March.

Oil prices steady as US crude inventories indicate tighter market

Oil prices fell on Wednesday, weighed down by concerns about rising production from Libya feeding into an oversupplied market and a surprise increase in U.S. gasoline inventories.

Benchmark Brent crude futures were down 27 cents at $51.60 a barrel at 0950 GMT.

U.S. West Texas Intermediate crude futures were trading at $47.67, down 16 cents.

Production from Libya&#39;s Sharara oilfield, the conflict-riven country&#39;s largest, has been seesawing. The field remained shut on Wednesday, two Libyan oil sources told Reuters. The field had restarted at least once on Tuesday amid conflicting reports about whether it had reopened.

&quot;(The) flood of news reports makes it clear that the situation in Libya is still chaotic and that conditions in the country are still far from normal,&quot; Commerzbank analysts wrote.

Sharara recently reached output of 280,000 barrels per day (bpd), but closed this week due to a pipeline blockade. Its production is key to Libya&#39;s oil output, which surged above 1 million bpd in late June, about four times its level last summer.

Libya&#39;s rising output is a headache for the Organization of the Petroleum Exporting Countries, which together with non-OPEC producers including Russia has pledged to cut around 1.8 million bpd of supplies between January this year and March 2018 in an attempt to remove a global glut.

Additionally, industry data released by the American Petroleum Institute showed on Tuesday that U.S. gasoline stocks rose by 1.4 million barrels in the week to Aug. 18, compared with analysts&#39; expectations of a 3.5-million-barrel drop. [API/S]

Jeffrey Halley, senior market analyst at futures brokerage OANDA, said rising U.S. gasoline inventories were &quot;not a good sign during the U.S. summer driving season&quot;.

Official inventory data from the U.S. Energy Information Administration is due later on Wednesday.

Production from Libya's Sharara oilfield, the conflict-riven country's largest, has been seesawing. The field remained shut on Wednesday

Oil prices fell on Wednesday, weighed down by concerns about rising production from Libya feeding into an oversupplied market and a surprise increase in U.S. gasoline inventories. Benchmark Brent crude futures were down 27 cents at $51.60 a barrel at 0950 GMT. U.S. West Texas Intermediate crude futures were trading at $47.67, down 16 cents. Production from Libya's Sharara oilfield, the conflict-riven country's largest, has been seesawing. The field remained shut on Wednesday, two Libyan oil sources told Reuters. The field had restarted at least once on Tuesday amid conflicting reports about whether it had reopened. "(The) flood of news reports makes it clear that the situation in Libya is still chaotic and that conditions in the country are still far from normal," Commerzbank analysts wrote. Sharara recently reached output of 280,000 barrels per day (bpd), but closed this week due to a pipeline blockade. Its production is key to Libya's oil output, which surged above 1 million bpd in late June, about four times its level last summer. Libya's rising output is a headache for the Organization of the Petroleum Exporting Countries, which together with non-OPEC producers including Russia has pledged to cut around 1.8 million bpd of supplies between January this year and March 2018 in an attempt to remove a global glut. Additionally, industry data released by the American Petroleum Institute showed on Tuesday that U.S. gasoline stocks rose by 1.4 million barrels in the week to Aug. 18, compared with analysts' expectations of a 3.5-million-barrel drop. [API/S] Jeffrey Halley, senior market analyst at futures brokerage OANDA, said rising U.S. gasoline inventories were "not a good sign during the U.S. summer driving season". Official inventory data from the U.S. Energy Information Administration is due later on Wednesday.

Increase in production from Libya, Oil prices fell on Wednesday

Oil prices edged up on Wednesday, lifted by declining US&nbsp;crude inventories, although markets were still restrained by general oversupply.

Market focus was turning to the release of official US&nbsp;Energy Information Administration data later on Wednesday for a further update on inventories.

Brent crude futures were at $51.06 per barrel at 0651 GMT, up 23 cents, or 0.45 per cent, from their last close.

Traders said that reports of a dip in Libyan output to between 130,000 and 150,000 barrels per day (bpd), down from 280,000 bpd, had supported Brent.

US&nbsp;West Texas Intermediate (WTI) crude futures were at $47.71 a barrel, up 16 cents, or 0.3 per cent.

US&nbsp;crude inventories fell by 9.2 million barrels in the week to Aug. 11 to 469.2 million, industry group the American Petroleum Institute said on Tuesday.

That compared with analyst expectations for a decrease of 3.1 million barrels.

&quot;The market took this as a mildly bullish report,&quot; said William O&#39;Loughlin of Australia&#39;s Rivkin Securities.

However, gasoline stocks climbed by 301,000 barrels, compared with analyst expectations for a 1.1 million barrel decline.

More broadly, analysts said ample supplies were preventing prices from moving much higher.

&quot;Excessive supply ... is continuing to weigh on oil prices ... Not a lot has changed despite the OPEC and Russia efforts recently. While these producers have tried to limit their oil output, US&nbsp;shale oil continues to rise,&quot; said Fawad Razaqzada, analyst at futures brokerage Forex.com.

The Organization of the Petroleum Exporting Countries together with non-OPEC producers like Russia has pledged to restrict output by 1.8 bpd between January this year and March 2018.

Offsetting much of that effort, however, US&nbsp;oil production has soared by almost 12 per cent since mid-2016 to 9.42 million bpd.

&quot;OPEC and Russia still face an uphill battle in reducing the global supply surplus in the face of growth in output elsewhere and less than compliant behaviour in their midst (Iraq, UAE),&quot; said French bank BNP Paribas.

On the demand side, analysts see a gradual slowdown in fuel consumption growth.

In the United States, energy consultancy Wood Mackenzie said gasoline demand was already peaking due to improving fuel efficiency and the rise of electric vehicles.

In China, state-owned China National Petroleum Corporation (CNPC) said on Wednesday that gasoline demand would likely peak around 2025 and outright oil consumption would top out around 2030.

This means that oil demand from the world&#39;s two biggest consumers may soon stall, while consumption has already peaked in Europe and Japan.

Brent crude futures were at $51.06 per barrel at 0651 GMT, up 23 cents, or 0.45 per cent, from their last close

Oil prices edged up on Wednesday, lifted by declining US crude inventories, although markets were still restrained by general oversupply. Market focus was turning to the release of official US Energy Information Administration data later on Wednesday for a further update on inventories. Brent crude futures were at $51.06 per barrel at 0651 GMT, up 23 cents, or 0.45 per cent, from their last close. Traders said that reports of a dip in Libyan output to between 130,000 and 150,000 barrels per day (bpd), down from 280,000 bpd, had supported Brent. US West Texas Intermediate (WTI) crude futures were at $47.71 a barrel, up 16 cents, or 0.3 per cent. US crude inventories fell by 9.2 million barrels in the week to Aug. 11 to 469.2 million, industry group the American Petroleum Institute said on Tuesday. That compared with analyst expectations for a decrease of 3.1 million barrels. "The market took this as a mildly bullish report," said William O'Loughlin of Australia's Rivkin Securities. However, gasoline stocks climbed by 301,000 barrels, compared with analyst expectations for a 1.1 million barrel decline. More broadly, analysts said ample supplies were preventing prices from moving much higher. "Excessive supply ... is continuing to weigh on oil prices ... Not a lot has changed despite the OPEC and Russia efforts recently. While these producers have tried to limit their oil output, US shale oil continues to rise," said Fawad Razaqzada, analyst at futures brokerage Forex.com. The Organization of the Petroleum Exporting Countries together with non-OPEC producers like Russia has pledged to restrict output by 1.8 bpd between January this year and March 2018. Offsetting much of that effort, however, US oil production has soared by almost 12 per cent since mid-2016 to 9.42 million bpd. "OPEC and Russia still face an uphill battle in reducing the global supply surplus in the face of growth in output elsewhere and less than compliant behaviour in their midst (Iraq, UAE)," said French bank BNP Paribas. On the demand side, analysts see a gradual slowdown in fuel consumption growth. In the United States, energy consultancy Wood Mackenzie said gasoline demand was already peaking due to improving fuel efficiency and the rise of electric vehicles. In China, state-owned China National Petroleum Corporation (CNPC) said on Wednesday that gasoline demand would likely peak around 2025 and outright oil consumption would top out around 2030. This means that oil demand from the world's two biggest consumers may soon stall, while consumption has already peaked in Europe and Japan.

Oil edges up on falling US crude stocks, but global glut weighs

Oil, News on Oil, stories on Oil, articles on Oil, Oil stories at Wion, Oil news, Oil latest news