Brent oil price exceeds $68 first since November

EIA: The US imports and exports substantial volumes of petroleum

Oil Rises Strongly Supported by Cuts, Sanctions

According to Reuters, now the Iraqi state oil marketing company is also emboldened to trade the Iraqi crude on its own as the market for sour and heavy crude grades is tightening amid OPEC's cuts and the us sanctions on Iran and Venezuela.

Oil prices have risen since the beginning of this year thanks to supply cuts led by OPEC.

The EIA said the pace of demand growth could be slower than what was thought just a month ago.

Crude oil production in the country also fell by 106,000 barrels per day (bpd) to around 12 million bpd, the data showed.

USA crude oil exports have set annual record highs in each year since 2014, most recently averaging 2.0 million bpd in 2018.

Investors will closely watch the weekly change in the U.S.' crude oil production and inventories that will be released by the EIA at 1430 GMT on Wednesday. That amounts to 105 per cent compliance with pledged cuts, according to a Reuters calculation, up from January's rate.

EIA: The US imports and exports substantial volumes of petroleum

They said his deputy, Pavel Sorokin, would represent Russian Federation at the Joint Ministerial Monitoring Committee in the Azeri capital.

Saudi Energy Minister Khalid Al-Falih suggested last month that he favored maintaining output curbs when asked to comment on U.S. President Donald Trump's tweet on February 25 demanding OPEC to "relax" its stance on tightening supplies.

In the Middle East, the United States aims to cut Iran's crude exports by about 20 percent to below 1 million barrels per day (bpd) from May by requiring importing countries to reduce purchases to avoid USA sanctions, two sources familiar with the matter told Reuters.

Iraq is committed to the deal and working to stabilise markets, and is producing slightly more than 4.5 million bpd, below its full capacity of almost 5 million, Ghadhban said.

Brent crude, the USA benchmark, increased 88 cents or 1.3 percent to $67.55 a barrel, while West Texas Intermediate crude ended today at $58.26 a barrel, rising 2.4 percent. Brent touched $67.76 a barrel on Wednesday, its highest since November 16.

American benchmark West Texas Intermediate was at $57.25 a barrel at the same time - a 0.1 percent increase after ending the previous session at $57.18 per barrel.

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