Oil prices rise amid broad market rally, OPEC supply cuts

Export of crude from Venezuela goes down due to massive power outage

Export of crude from Venezuela goes down due to massive power outage

In the previous week ending March 1, API reported a growth of 7.29 million barrels of crude oil inventories.

May Brent crude oil is at $66.94, up $0.27 or +0.40%. In 2020, production is expected to reach 13.03 million barrels a day - 170,000 barrels a day lower than last month's estimate.

US sanctions on Iran and Venezuela, two of the largest oil producers in the Organization of the Petroleum Exporting Countries, and production cuts by OPEC and Russian Federation have boosted global oil prices to near four-month highs.

The biggest increase of imports, both oil and gas, is coming from Asia, particularly from China, Toril Bosoni, a senior oil market analyst with the IEA said.

Prices were also supported by USA energy services firm Baker Hughes' latest weekly report showing the number of rigs drilling for new oil production in the United States fell by nine to 834. "It looks very supportive as refiners come out of maintenance".

"While the revision is small, the comforting part for bulls was that the direction of the revision was down rather than up", Harry Tchilinguirian, global oil strategist at BNP Paribas in London, told the Reuters Global Oil Forum.

Venezuela's opposition-run congress on Monday declared a "state of alarm" over a five-day power blackout that has crippled the country's oil exports and left millions of citizens scrambling to find food and water.

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The terminal resumed operations by Wednesday, according to two sources and Refinitiv Eikon data, but shipments have not started up.

India has already built 5.33 million tons of underground reserves in three locations, which can meet 9.5 days of the country's oil needs.

Last December, OPEC members and their non-OPEC allies agreed to cut a total of 1.2 million barrels of crude oil from their supplies based on the October production levels.

Oil prices rose on Tuesday, lifted by healthy demand and output cuts led by producer group OPEC.

Despite the gains, commodities markets were somewhat held back after USA employment data raised concerns that an economic slowdown in Asia and Europe was spilling into the United States, where growth has so far still been healthy.

Saudi Energy Minister Khalid al-Falih said on Sunday the production-curbing agreement would likely last until at least June.

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