With OPEC withholding supply and USA sanctions preventing Iranian and Venezuelan oil from entering markets, global crude flow data in Re-definitive showed a slight supply deficit likely appeared in the first quarter.
Under such conditions, the West Texas Intermediate lost seven cents and traded at 58.54 dollars per barrel, after reaching 58.95 earlier, its peak so far this year. Energy prices fell off a cliff in late 2014 but have started to rebound on the back of agreed cuts by OPEC in Vienna previous year.
Continued supply reductions would further support oil prices, which are up about 25 percent this year at $68 a barrel, and incur the wrath of US President Donald Trump, who has demanded OPEC ease its efforts to bolster the market.
In Venezuela, oil production and exports have been disrupted by a political and economic crisis that has caused massive blackouts and supply shortages, while Washington has barred USA companies from doing business with the Venezuelan government, including state-owned oil firm PDVSA.
The report highlights that even though OPEC and its leader, Saudi Arabia, got some results by keeping oil prices at a certain level via production cuts, this also stimulated shale oil production in the USA and led to the US becoming the biggest crude oil producer.
Venezuela's oil industry is at risk of collapsing due the problems with the economy and power grid, according to the International Energy Agency. "Total demand is projected to exceed 100 million barrels per day during the second half of 2019", the report said.
New Zealand massacre: shooter meant to continue attack, says PM
Aziz said: "He gets into his vehicle and I just got the gun and threw it on his window like an arrow and blasted his window". Condemning the terror strike, Ardern had described it as a "terror attack" and said it "appears to have been well planned".
The U.S. bank said January global crude oil demand growth was "nearly 2.0 million barrels per day, with strength visible in both emerging markets and developed economies".
The IEA, which coordinates the energy policies of industrialized nations, kept its forecast of growth in global oil demand this year unchanged at 1.4 percent, or 1.4 million barrels per day (bpd).
Crude inventories dropped by 3.9 million barrels in the last week, to 449.07 million barrels, compared with analyst expectations for an increase of 2.7 million barrels.
In China, official statistics showed refinery crude oil use hit a record.
Venezuela's production declined in recent months in part following a long-standing trend of productivity losses related to what the Energy Information Administration has described as mismanagement.