21 February, 2018
Opec monthly Oil Market Report revised up its expectations of U.S. shale growth, putting non-Opec supply 1.4m bpd higher than previous year, an upward revision of 250,000 bpd from last month's report.
US West Texas Intermediate (WTI) crude futures were at $62.16 a barrel at 0153 GMT, up 48 cents, or 0.8 per cent, from their last settlement.
Traders said that WTI prices found support on the reduced productions from Canada's Keystone Pipeline System, which has lessened Canadian supplies in the United States due to a leak that has slowed operating capacity since late 2017.
Outside North America, Brent crude eased on the back of a dip in Asian stocks and a stronger dollar, which potentially curbs demand as it makes fuel more expensive for countries using other currencies domestically.
London Brent crude LCOc1 was up 46 cents, or 0.7 percent, at $65.30, after rising more than 3 percent last week.
"The drawdown in inventory has been supportive for WTI, with the Brent-WTI spread narrowing from nearly US$7 per barrel at the end of December to around US$3.20 a barrel now".
Oil prices mixed despite OPEC chatter on long-term coordination
Saudi Arabia increased production in January by 23,300 barrels a day to 9.977 million barrels a day, according to the latest data of the Organization of the Petroleum Exporting Countries (OPEC), published last week.
Global oil demand for 2018 was estimated to grow by 1.6-million barrels a day due to an "encouraging environment", he said.
Gold prices rose further last Thursday, supported by a weaker dollar as investors bought the yellow metal as a hedge against inflation after a faster-than-expected rise in USA consumer prices last month. While Saudi Arabia is showing strong support for the production cuts, non-OPEC producer Russian Federation has shown signs it may at some stage gradually start to increase output again. The group is also drafting a charter that would allow continued cooperation with other producers beyond the expiry of the cuts at the end of 2018, Mazrouei said. The agreement is due to expire at the end of this year.
American weekly crude output has topped 10mn bpd for the first time on record, and the U.S. government forecasts it will balloon to 11mn later this year.
Helping to limit gains are general concerns over rising US production that may be offsetting the OPEC-led group's attempts to limit production, reduce the global supply glut and stabilize prices.
Other commodities such as the gold edged lower on Tuesday, as the dollar's continuous recovery puts the yellow metal under pressure. April Brent crude oil is at 464.90, down $0.80 or -1.22%.
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