Reuters also took the opportunity to remind readers that Falih believes OPEC and its partners should look at metrics such as non-OECD inventories, oil in floating storage, and crude in transit, to determine how long the output reduction deal should continue - implying that the metrics used to date are not enough to truly state that the market is close to balance - a claim OPEC has trumpeted for months now. The Energy Department releases its USA inventories data later this morning.
Oil demand will be supported by the strong economy, OPEC said, but warned that "the most recent trade-related developments may provide challenges to the growth momentum as global trade has been an important factor contributing to the world economy".
West Texas Intermediate for April delivery traded at $61.12 a barrel on the New York Mercantile Exchange, up 41 cents, at 9:18 am in New York, after dropping 65 cents on Tuesday.
USA crude futures fell 0.8% to $60.23 a barrel, with Brent crude down 0.8% at $64.15.
Bihar bypoll results 2018: RJD leading in Jehanabad,Araria; BJP ahead in Bhabua
Jehangabad SS College has been selected as the counting centre for the counting of votes for the assembly. The Jehanabad Assembly seat fell vacant after the death of RJD Legislator Mundrika Yadav.
Crude has struggled since hitting a three-year high in January.
Crude oil prices have fallen in the last 24 hours.
China beat forecasts with a 7.2 percent year-on-year rise in industrial output in the first two months of 2018, while data showed Chinese crude output fell 1.9 percent.
"The drop in product stocks is significant with refinery utilization up 2% to 90%", said James Williams, energy economist at WTRG Economics.
Do Giants lead Saquon Barkley sweepstakes after Browns add Carlos Hyde?
Johnson is one of the better receiving backs in the league while Hyde could flourish behind the Browns strong offensive line. But with two top-four picks all options are still open for Cleveland, as Taylor is entering the final year of his contract.
If sanctions are reinstated, Iran's oil exports could drop by 250 000 to 500 000 barrels a day by the end of this year, FGE said in a note.
In its closely watched Monthly Oil Market Report published today, OPEC expects non-OPEC supply in 2018 to increase by 1.66 million bpd, compared to expectations of 1.4 million bpd growth from the previous monthly report.
This week, the API reported a smaller build for crude oil, and another draw for gasoline.
A multitude of factors were weighing on oil prices, but one factor stands out among the rest, and that's the steadfast climb of U.S. crude oil production, which for the week ending March 2 increased again, coming in at 10.369 million bpd-close to the 10.7 million bpd figure that the EIA suspects we will see in 2018.
This Is Us finale recap: 'The Wedding'
This is Us , which loves a cliffhanger as it much as it loves to wallow in the memory of Jack Pearson, purposely didn't tell us. Brown , who has won history-making awards for his role ) and Beth Pearson's (played by Susan Kelechi Watson ) foster child.
Data from China showed falling domestic production between January and February (down 1.9% to 3.77 million bpd), while crude throughput rose 7.3 percent.
- Broncos Going After Keenum At Quarterback
- Walmart's online same-day grocery ready for prime
- Tottenham striker Harry Kane expected back in training next month
- Apple now allows accessory manufacturers to make 3.5mm-to-Lightning cables
- UVA's De'Andre Hunter to miss NCAA Tournament with broken wrist
- Broadcom ends bid for rival Qualcomm after Trump intervention
- Reserve officer accidentally fires gun at Calif. school
- United pays price for timidity in limp Champions League exit
- Twitch Prime Subscribers Getting Free Monthly Games
- Angela Merkel elected by German Parliament for Fourth Term as Chancellor