WTI (oil futures on NYMEX) finally cracked the key resistance-turned-support at 64.00, as the sellers remain in command so far this Thursday, as the sentiment remains weighed down by mounting concerns over the economic slowdown and surging U.S. crude supplies.
Output declines in OPEC because of the supply pact, plus the sanctions on Venezuela and Iran, have exceeded expectations.
Current oil demand stands around 100 million bpd.
The report also said that Angola was one of China's three largest oil suppliers, together with Saudi Arabia and Russian Federation, with shares of 11.3%, 15.2% and 14.6% in February, respectively.
There is worldwide shortage in the oil market due to the interventions in production by the oil cartel OPEC.
In its April report the IEA maintained its forecast for oil demand growth in 2019 at 1.4 million barrels per day.
Both benchmarks notched a weekly gain of about 1 percent, which was Brent's third consecutive week of gains and the sixth straight rise for WTI.
It said that US, Brazil, Russia, UK, Australia, Ghana, Sudan and South Sudan will be the main drivers of supply growth this year.
Oil markets are tightening amid the increasing effectiveness of US sanctions on Iran and Venezuela, the International Energy Agency said yesterday.
However, the IEA warned that demand fell in developed OECD countries by 0.3 million barrels per day (bpd) in the last three months of 2018 - "the first such fall for any quarter since the end of 2014".
At the same time, the International Energy Agency (IEA) reported that OPEC production fell 550,000 bpd. It hit a session high of $64.65 earlier in a fresh attempt by long-oil hedge funds to reach the $65 target.
In December, OPEC and other major oil producers, including Russian Federation, pledged to cut production by 1.2 million barrels per day in order to prop up prices, effective from this January. Saudi Arabia is set on maintaining the production cuts into the second half of 2019, while Russian Federation refuses to commit to an extension.
Libya, which is also exempt from the deal, pumped 1.098 million bpd in March, up 196,000 bpd from the previous month, but output remains at risk as the country is on the brink of a possible civil war.
That would make it the largest IPO since Alibaba Group went public in 2014 with a staring valuation of $169 billion. But its 2018 operating loss was just over $3 billion, down from the $4 billion net loss it incurred in 2017.
Prosecutors said they were looking again at the case after a request by the lawyer of the alleged victim. A spokesman for the Swedish Prosecution Authority said they were following the news of Assange's arrest.
One of the leaked images indicated that the OnePlus 7 variant with model number "GM1915" would hit the market as OnePlus 7 Pro . The display is also expected to get a little bigger and taller, from the existing 6.4-inch diagonal on the OnePlus 6T . 6T.
On HBO Go , you can catch up with previous seasons of the series as well as live stream episodes of the new Season 8 as they air. In the US, Game of Thrones viewers can go to either HBO Go or HBO Now to stream season eight, episode one.
The U.S.as a whole has fairly high vaccination rates against measles, and the vaccine is very effective at preventing the disease. At least 285 people have contracted the disease in the city since September, mostly in Brooklyn's Williamsburg neighborhood.
Total orders, an indication of future demand, fell to 95 aircraft in the first quarter from 180 a year earlier. Deliveries are financially important to plane makers because that's when airlines pay most of the money.
The wind has picked up at Augusta National over the last few hours with potential thunderstorms bearing down on the course. It's the first time three players have shot 64 or better in a single round of the Masters .
On Sunday at Star Wars Celebration in a snowy (seriously) Chicago, we finally got our first substantial look at The Mandalorian . Weathers has revealed that his character hires Pascal's mercenary gunslinger to acquire a precious object for him.
As the storms tore through MS overnight into Sunday, they left a trail of destruction that authorities are still combing through. The tournament ended - with Tiger Woods winning his fifth Masters in dramatic fashion - earlier than usual, at mid-afternoon.
It was a lucky escape for the former Masters champion, as the rules take into account intention to make a legitimate stroke. Fortunately for Johnson, who won the 2007 edition of the tournament, he did not incur a penalty as it was a clear accident.
Five key talking points from the Chinese Grand Prix
Wolff has always been clear that his drivers are free to race as long as it is not at the cost of the team's overall result. He was later given the all-clear, but missed qualifying because his ruined vehicle could not be fixed in time.
Criticism mounts of Trump pick for U.S. Federal Reserve
The president has already said he plans to unveil yet another conservative secretary, Stephen Moore , for a vacancy on the board. Neither nomination has been formally sent to the Senate but Trump has said he will put their names forward.
Second Brexit referendum vote could happen, says Hammond
The latest plan, in an agreement finalized this week at a summit in Brussels, is for the U.K.to depart the bloc by October 31. He angered them again recently by describing another Brexit referendum as a "perfectly credible proposition".
Sudan coup: Military reaches out to protesters
The leader was indicted by the International Criminal Court (ICC) after allegations of genocide in Sudan's Darfur region surfaced. Mr Ibn Auf was head of military intelligence during the Darfur conflict and the United States imposed sanctions on him in 2007.
Army of lawyers prepares for Assange extradition battle
Prosecutors in Sweden have since confirmed that, while the investigation has not been resumed, they are looking into the case. It added that "justice has already been denied" in some parts of the investigation because of Assange's unavailability.
Democrats prepare border bills, say Trump enflames problem
According to President Trump, the mass-migration crisis at the border has sparked a wave of violent crime and sexual assaults. Trump's false claim that child separations were carried out by the Obama administration has been frequently refuted .