USA oil production to rise again in 2018, OPEC says

Oil rescued from price lows by Libyan supply disruption

US crude stocks likely rose for third week, products seen down: Reuters poll

All loadings at the Libyan oil export port of Zawiya, which exports crude from the 308,000-barrel per day El Sharara field, have stopped due to a strike, a Libyan website said.

Light, sweet crude for April delivery rose 25 cents, or 0.41%, to $60.96 a barrel on the New York Mercantile Exchange.

Rising U.S. output, as well as seasonally low demand, mean U.S. crude inventories rose by 1.2 million barrels in the week to March 9 to 428 million barrels, the American Petroleum Institute said on Tuesday.

Oil prices dipped on Wednesday in choppy trade, as a bigger-than-expected US crude stock build pressured prices, but large draws of fuel stocks provided some support.

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"Libyan oil loadings have been suspended, that's why the market is rallying at the moment", PVM Oil Associates analyst Tamas Varga said.

USA crude inventories rose by 1.2 million barrels in the week to March 9, to 428 million barrels, the American Petroleum Institute said on Tuesday.

"This U.S. shale engine is not expected to run out of steam anytime soon, " said Stephen Brennock, analyst at brokerage PVM.

United States oil product stockpiles shrank at an accelerated rate last week, amid a small increase in the rate of refinery use. That's nearly a 1-million bpd rise in just a bit over two months.

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Earlier Wednesday, OPEC projected that US and other non-OPEC supply growth will outpace global demand growth in 2018, raising the risk of imbalance in the oil markets and lower crude prices.

The EIA reported that US production continued its relentless march higher, rising by 2 million barrels a day to yet another weekly record of 10.38 million barrels a day.

"The average monthly increase (in shale output) in the eight months since September is 155,000 bpd. Of course, the reason is because we had some unexpectedly large draws in distillates and gasoline that, when added together, are two times bigger than the crude build", said Bob Yawger, director of energy futures at Mizuho.

"Thus OPEC has no scope to expand production from its current level".

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Moody's Investors Service has raised its medium-term price band for crude oil to $45 (RM175)-$65 (RM253) per barrel (bbl) from $40 (RM155) - $60 (RM233)/bbl.

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