Oil slides on increased US output and US-China trade fears

A pump jack is seen at sunrise near Bakersfield

A pump jack is seen at sunrise near Bakersfield California

Other oil-market news: OPEC compliance with crude-oil output cuts rose to 163 percent in December, according to Bloomberg calculations from the group's secondary-source data.

Global oil prices may remain under pressure this year given the weaker demand outlook and stronger than expected production from Iran and the U.S., the International Energy Agency says.

Despite renewed hopes that a trade deal could be reached between the US and China by the March 2 deadline, it may still not be enough to offset the negative impact on China's economic growth.

Alongside Russia and nine other nations, top oil exporter Saudi Arabia struck a deal with the rest of OPEC in December to keep 1.2 million b/d off the market from the start of January.

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Brent crude oil futures LCOc1 were up 12 cents at $62.83 a barrel by 3:23 p.m. EST (1727 GMT) versus Friday's settlement price, while USA crude futures CLc1 were up 19 cents to $53.99 a barrel.

The administration added that US crude production rose to 11.9 million barrels per day last week.

This doesn't mean that the U.S.is not importing large volumes of crude and petroleum products; rather, it means that exports of crude oil and oil products are continuously rising.

Hedge funds boosted their net wagers on rising Brent crude prices by 9 percent in the week ended January 15, mostly because they continued to unwind a short-selling spree from the end of 2018, data from the ICE Futures Europe exchange show.

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OPIS chief oil analyst Tom Kloza on the outlook for oil prices. "Confidence is weakening in several major economies", said the report.

Thanks to the booming domestic production, the U.S.net imports of crude oil and petroleum products have been diminishing in recent years.

In a sign that global supply could tighten further, a USA -based think-tank predicted that the United States may grant waivers on sanctions it imposed on importing Iranian oil to fewer countries.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 78 cents, or 1.5 percent, at $52.85 per barrel. Production may decline by about 350,000 barrels a day on average in 2019, they said, adding that a drop of double that is a "real possibility". Signs from the U.S. Federal Reserve that it won't rush to raise interest rates have also spurred investors to reverse bets that oil would fall while the dollar would rise. EIA forecasts global oil demand to grow by 1.5 million b/d in 2019 and in 2020.

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