Oil climbs as Opec output curbs stoke optimism on tight supply

OPEC meetings concept

"That being said, we continue to expect little flow from CTAs as momentum remains embedded to the downside, despite the whopping recovery in Q1".

In the Gulf Coast, which is home to more than half of all US refinery capacity, refinery inputs averaged over 9.2 million barrels per day in 2018, or 8 percent higher than the previous five-year average for that region and the first time the annual average surpassed 9.0 million barrels per day.

Brent futures rose 35 cents, or 0.5 percent, to $69.72 a barrel by 0207 GMT, after earlier reaching $69.87, the highest since November 12 and within touching distance of $70.

Meanwhile, WTI is now trading at $62.84 per barrel, having hit a four-month high of $62.89 soon before press time.

According to the US Department of Energy, commercial crude oil stockpiles in the States grew by 7.2m barrels over the week ending on 29 March, to reach 449.5m barrels, putting them at their five-year average. Though US industry data indicated that the nation's crude stockpiles increased last week, a fourth month of lower production from Opec is tightening global supplies.

According to EIA's data, USA crude oil refinery inputs averaged 15.8 million barrels per day last week, 18,000 barrels per day more than the previous week's average.

The Energy Information Administration (EIA) confirmed a build up and reported a rise of 2.8 million barrels of crude oil inventories for the week. A bigger drawdown could end up pushing WTI higher to $63.59 (resistance of the June 2018 low as per the weekly chart).

Samantha Josephson: South Carolina mum's grief over fake Uber death
Her father, Seymour Josephson of Robbinsville, New Jersey, wrote a post on Facebook about his daughter's death. It is extremely hard to write this and post it but I love her with all my heart. "Don't ever forget her name".

Oil rose to nearly $70 a barrel in London, a level last breached in November, as global crude supplies tightened while hopes for an end to the U.S.

Crude oil is trading above its 20 Hr and 50 Hr moving averages.

"The supply cuts have been there for a while but Venezuela is not improving", said Olivier Jakob, analyst at Petromatrix.

Oil has rallied around 36 per cent this year due to the effectiveness of the Saudi Arabian-led production cuts, together with receding fears over the global growth outlook.

Oil prices have been on the rise in the last few days as hedge funds and other money managers rushed to amass more bullish bets on data that USA shale oil production growth is slowing, brighter economic forecasts, and the possibility that OPEC will extend its production cuts into the second half of the year.

Also start watching for the announcement of a U.S.

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