The price of oil rose above $ 67

The price of oil rose above $ 67

In matter of 11 months, crude oil production in the US increased by close to 14%.

The West Texas Intermediate (WTI) for April delivery rose 0.36 US dollar to settle at 63.91 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery added 0.19 dollar to close at 67.50 dollars a barrel on the London ICE Futures Exchange. US crude was down $1, or 1.6 percent, to $60.66 a barrel, after touching a low of $60.18.

The April contract LCOc1 settled down 85 cents, or 1.28 percent, at $65.78 a barrel ahead of expiration.

Finally, the recent startup of the Louisiana Offshore Oil Port (LOOP), which is the only port capable of handling the oil industry's largest oil tankers, has raised expectations of a flood of USA oil reaching the global market.

The rapid decline in United States stockpiles and growing demand for crude from the country's booming shale fields are helping reassure the market that production cuts led by OPEC are working. The "price gap between the two oil types has narrowed to its lowest level in six months".

United States oil prices rose for a fourth session on Tuesday to near a three-week high hit a day earlier, supported by signs of robust production curbs by OPEC and non-OPEC countries and a slight fall in United States production.

OPEC's cut, which began a year ago, has helped boost prices from levels below $30 seen in January 2016.

The U.S. Energy Information Administration estimates that U.S. crude oil production will increase further this year, reaching a historical high of 10 million barrels per day. The second quarter oil market is preparing for the driving season.

Prices resumed their downward path after that report, in which the EIA also revised its November crude production figures upward to a record 10.057 million bpd. Still, U.S. supply remains a threat, with the nation's rig count rising for a fifth week to the highest since April 2015.

Crude inventories rose by 933,000 barrels in the week to 421.2 million, compared with analyst expectations for an increase of 2.1 million barrels.

Analysts also said prices were following through a more than 1.5 percent rise on Thursday. "We see more downside for oil". US crude exports bounced around between 0.5 million barrels per day (mb/d) and 1 mb/d in the first half of the year, a level that jumped to a range between 1 and 2 mb/d in the third and fourth quarters. The country is set to become an oil exporter for the first time in 14 years, with the oil output in the country set to hit one million barrels per day.

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