The EIA also reported the biggest increase in crude oil stocks since March previous year, a rise of 6.8 million barrels. Some analysts say they believe stocks are far less than OPEC has declared.
The danger is that OPEC overshoots on tightening the market, which could exacerbate the backwardation in prices, prolong the rally in near-term prices, and ultimately erode demand.
"American crude oil is a game-changer in worldwide trade, global politics and domestic energy security", said Todd Staples, president of the Texas Oil & Gas Association, a trade group.
With the oil market much more precariously balanced than it was just six months ago, geopolitical events and supply outages are having a much more profound impact on the oil market. "The history shows sudden price rises are not helpful to oil exporters in the long run".
NYMEX crude for March delivery rose 14 cents, or 0.2 percent, to $64.87 a barrel by 0558 GMT, after ending the last session up 0.4 percent. Russian data showed strong compliance with output cuts in January, even as production hit 10.95 million bpd.
Jamie Lee Curtis posts on-set photo from new 'Halloween'
The 2018 Halloween film will also star Virginia Gardner, Miles Robbins, Dylan Arnold, Drew Scheid, and Will Patton. The new Halloween film, which could end up being the final one in the franchise, hits theaters on October 19.
Supporting the crude oil markets, the expanding global economy has increased demand for commodities and drawn down oil inventories. Supply remains below the kingdom's OPEC target.
"There is a case to be made that the market is even tighter than [supposed] if the portion of inventories with API above 40 degrees has increased in recent years and months", Hajji said. The UN Security Council and the International Atomic Energy Agency (IAEA) in turn have confirmed that Iran complies with its obligations under the deal.
The investment bank said it believed the oil market was now more balanced after the United States shale rush of 2014-16 oversupplied the market and saw crude prices drop below $30 a barrel in January 2016. China, in particular, started buying up large volumes of US oil in 2017.
Investment bank UBS forecasts that supply growth will outpace demand growth in 2018, adding that "current prices, if sustained, could prompt a renewed inventory build-up". The meeting ended with signing an agreement to reduce oil production by a total of 558,000 barrels per day starting from January 2017. The global benchmark crude traded at a premium of $4.43 to April WTI.
The news also comes after the Organisation of Petroleum Exporting Countries decided past year to extend an agreement with several non-Opec members to curb output in response to a global supply glut fed in part by shale. The decline in Venezuelan production is also providing support.
Arsenal manager Arsene Wenger has warned that financial imbalance among football clubs is "destroying competition" around Europe. It is good news for us - if you can keep a player of that calibre is of course good news. "Maybe - I don't know", he said.
She adds, everyone should wash their hands with soap and water for at least 20 seconds and to do not forget to cover their cough. It can be a miserable but relatively mild illness in many people, and a more severe illness in others.
The latest expansion to genre-defining MMORPG World of Warcraft will be released later this Summer, Blizzard has confirmed. The Standard Edition of the expansion will be $49.99, but the Digital Deluxe Edition offers a bit more for $69.99.
The woman said the residents of the home that was struck were there, but were in another part of the property and were unharmed. Fire crews said there were five people on the helicopter and they were all reported to be unconscious, KABC said.
It's no surprise Meghan handled the hard moment so well - after all, she's been in the spotlight for most of her adult life. Markle took to the stage to hand out an award, telling the crowd: "I'm truly privileged to be here".
She noted that there is still an ongoing investigation regarding one other individual connected with the shooting. However, the Las Vegas Review-Journal identified one person as Douglas Haig from police documents.
In 2016, it off-loaded its intellectual property and science division to Onex and Baring Private Equity Asia for $3.55bn. The company also said it would retain full ownership of its legal, tax and accounting and Reuters News businesses.
As Ourand said in his tweet, Amazon ran the digital package previous year , but those rights are still undetermined for 2018. The network and the league are working out an agreement on the broadcast package, Bloomberg reported.
Go ahead and take the New England Patriots to win their sixth Super Bowl title with Tom Brady to earn his fifth MVP award. Jacksonville ended the game with three sacks, but Brady still made two game-clinching fourth-quarter touchdown passes.
Agnes sent a message to port authorities indicating that he was delaying his return because of thick fog. Quiksilver , which was founded in Australia, makes clothing for surfers and surfing aficionados.
Stocks fall sharply as sell-off continues
The index closed down 362.59 points at 26,076.89 in NY , with the broader S&P 500 index falling 31.10 points to 2,822.43. They had risen about 2 percent premarket, aiming for their 2002 highs, after the company's strong results and forecast.
Breast cancer treatment increase heart disease risks
Although breast cancer death rates have declined since 1989, over 40,000 American women die from the disease every year. The report said some heart damage , including the kind caused by drug Herceptin sometimes can be reversed.
PS4 boosted in Japan after strong Monster Hunter debut
The buzz leading up to the release of Monster Hunter World was considerable, and it seems like Capcom is now reaping the rewards. You might be used to chasing after your prey in Monster Hunter World by now, but all you have to do to get this pack is log in.
US Justice Department rejects new trial for senator
The prosecutors argued that the senator began taking bribes from Melgen shortly after he entered the Senate in 2006. Menendez and Melgen, meanwhile, said the men had a long friendship, which explained their exchange of gifts.
Bon-Ton closing two Lehigh Valley stores
Bon-Ton has 260 stores in the US , including furniture galleries and clearance centers, in addition to department stores. The company says closing the stores is all in part of their store rationalization program.
Putin apologises to athletes for situation around Olympic games
The network says Jones will attend Olympic events, meet athletes and spread her enthusiasm for the games on television and online. Davis, snowboarder Kelly Clark and cross-country skier Kikkan Randall will all be competing at their fifth Winter Games.
Peacock pouts after United Airlines rejection
Beginning March 1, the airline will require passengers with service animals to submit paperwork two full days before flying. A woman was recently denied her emotional support animal when she attempted to fly on United Airlines , a peacock .
E-cigarettes may harm DNA and cause cancer
There was also conclusive evidence that e-cigarettes can explode and cause burns and projectile injuries. The team exposed mice to e-cigarette smoke for three hours each day, five times a week for three months.
Melania 'blindsided' by porn star story
The first lady has not addressed any of the reports about her, her husband or Daniels and it's highly unlikely that she will. CNN notes she did not appear at two dinners hosted by her husband at Mar-a-Lago during a trip in mid-January.