04 March, 2018
Oil prices declined Tuesday, under pressure from a rising dollar, falling stocks and an expected increase in crude stockpiles.
U.S. West Texas Intermediate crude finished Thursday's session down 65 cents, or 1.1%, at $60.99 per barrel, after touching an intraday low of $60.18/Bbl.
Brent crude LCOc1 rose 30 cents to $64.13 a barrel by 12:10 p.m. EST (1710 GMT).
Oil prices may find some support as the U.S.is considering oil-related sanctions on OPEC member Venezuela to pressure its socialist President Nicolas Maduro, a US official said on Wednesday.
Factors largely outside of the oil industry have often driven oil prices in the past month.
The cut is the biggest since the U.A.E. reduced production by 120,000 barrels a day in January 2017 when the Organization of Petroleum Exporting Countries and its allies started to curb output to reduce a global glut. USA crude CLc1 was up 16 cents at $61.15.
US crude oil production rose to a record 10.057 million barrels per day (bpd) in November and retreated slightly in December to 9.949 million bpd, the EIA said on Wednesday.
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Demand levels, meanwhile, are contributing to overall market balance and indices show USA consumer confidence at its highest level in almost two decades.
US output was 10.27 million barrels per day (bpd), according to last week's government figures, higher than the latest figures for the world's largest exporter Saudi Arabia and just below Russian Federation.
A weaker dollar makes commodities that are priced in dollars, including oil, less expensive for foreign buyers, lifting demand.
"The standoff "shale vs. sheikh" continues to frame the oil market, with the former again gaining the upper hand", Norbert Ruecker, head of macro and commodity research at Julius Baer, told Reuters. Friday's move came as stock indexes pared losses or turned higher.
OPEC's cut, which began a year ago, has nonetheless helped to boost prices from levels below Dollars 30 seen in January 2016.
A Reuters survey on Wednesday found OPEC production fell in February to a 10-month low.
"Yesterday's report. has reawakened concerns that United States production levels will offset Opec production cuts", said McGillian.