Oil prices rise amid supply cuts

Oil rises further above $67 as OPEC cuts counter economic concern

Weekly figures on U.S. oil from the American Petroleum Institute (API) will be released on Tuesday, closely followed by figures from the Energy Information Administration (EIA) on Wednesday.

Brent crude oil futures were at $66.79 per barrel at 0022 GMT, down 29 cents, or 0.4 per cent, from their last close.

President Trump on Thursday called on the Organization of the Petroleum Exporting Countries (OPEC) to increase the flow of oil in a bid to curb rising prices.

Oil prices dropped almost 1% on Monday, with concerns a recession could be looming outweighing supply disruptions from Opec's production cutbacks and United States sanctions on Iran and Venezuela.

"If the unplanned supply cuts remain in place. oil prices should edge toward $75/bbl.in coming months as global inventories will draw". "The price action over the past few days highlights an underlying lack of confidence in higher oil prices" and "a prevailing sense of wariness over the health of the global economy".

US West Texas Intermediate (WTI) crude futures were at $59.18 per barrel, down 23 cents.

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Late Tuesday, the American Petroleum Institute (API) reported a 1.9 million barrel build during the week-ending March 22.

The surge in imports came as the OPEC kingpin producer boosted its share of the Asia market, signing new 2019 term supply contracts with Chinese refiners including Sinochem-Hengli and Rongsheng among others, said Mark Tay, senior analyst for crude oil with Thomson Reuters Supply Chain and Commodities Research, in a note. "Thank you!" Trump wrote in a post on Twitter.

Both the crude oil benchmarks plunged by over 3% in the last week hitting their highest since past year November.

Stock markets have been volatile this year amid signs of a sharp global economic slowdown.

U.S. crude inventories rose last week by 2.8 million barrels, compared with analysts' expectations for a decrease of 1.2 million barrels, the U.S. Energy Information Administration said. This news could be adding further downward pressure on oil prices today thus exacerbating the move lower in Crude following Trump's tweet.

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