Oil Amid Longest Gain Since 2012

Global Drawdowns Embolden OPEC and Analysts, but Experts Warn That It May Merely Be a Shifting of Supplies

United States production, however, continued to increase with a 0.4% gain on the week to 9.24 million bpd.

Russian Federation was part of a deal between OPEC and other producing countries to cut output by 1.8 MMbbl/d in the first six months of 2017.

"I wouldn't be surprised to see a bit of book squaring going on now, ahead of the US inventory data which is due on Thursday morning Asia time", he said, also noting that current prices have attracted shale oil producers in the past.

US crude oil production C-OUT-T-EIA has risen by 9 percent since mid-2016 to 9.2 million bpd, resulting in a surge in commercial inventories to a record 535.5 million barrels C-STK-T-EIA.

American Petroleum Institute indicated a fall in U.S. inventory this week.

"Higher demand for oil products will encourage refiners to maximise throughputs following the end of the spring maintenance season..."

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Earlier Tuesday, Bloomberg reported that Saudi Arabia slashed its production by 111,000 barrels per day to 9.9 million barrels per day in March, after increasing production in February. Oil prices fell overnight despite the huge draw-down in crude oil inventories.

Analysts said there are worries demand growth could falter, and other indicators were warning that the market had not yet cleared enough of its surplus to keep prices rising.

"U.S. oil production rose to the highest level in over a year, leaving oil prices weaker on the day after the U.S. EIA released its data".

According to the renewed forecast, in 2017, the demand for oil will be 96.32 mln barrels per day against 96.31 mln barrels per day under the March estimate. Nevertheless, OPEC revised up its forecast for supplies from non-member countries in 2017. It is said to have the support of a key OPEC committee that is responsible for monitoring countries, and ensuring they are complying with an agreement to reduce oil output. Official readings will be included in OPEC's monthly oil report due later in the day. The average production for the first quarter of the year stands at around 11.2 million barrels per day, 130,000 barrels per day lower than the fourth quarter, but 120,000 barrels per day higher year-over-year. Most members, including Saudi Arabia and Kuwait, are leaning towards this if other producers, including those outside the group, also agree, OPEC sources told Reuters last month.

Later on Thursday, Baker Hughes data on active US rigs will be released; the number of rigs has increased for 12 consecutive weeks headed into this week's data.

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