Oil Rises, Increased Cut Cooperation Ahead Of OPEC Meeting

Continuing Limits On Oil Supply May Help Wyoming

USA crude imports USOICI=ECI rose last week by 577,000 barrels per day.

US drillers added eight oil rigs in the week to May 19, bringing the total count to 720, the most since April 2015, according to Baker Hughes.On Thursday, official data showed OPEC leader Saudi Arabia's crude exports rose 275,000 bpd in March from February and its stockpiles increased.

Both benchmarks rose on Wednesday after news of a drawdown in USA crude inventories and a dip in US output.

Crude inventories USOILC=ECI fell by 1.8 million barrels for the week to May 12, compared with analysts' expectations for an decrease of 2.4 million barrels.

"The most closely watched data point on the supply side is US crude production", said researchers.

"The oil rally has paused and whether it can resume depends on today's EIA inventory report", said Ole Hansen, head of commodity strategy at Saxo Bank.

More news: Trump told Russians FBI's Comey was a 'nut job'

Oil prices settled higher on Thursday, as key producing countries suggested they would extend supply cuts to reduce an ongoing global crude glut. Riyadh and Moscow say they should be extended until March.

The market is looking forward to OPEC and non-OPEC producers' meeting on May 25 in Vienna.

"Having seen an initial short-covering rally, we now need Opec and nonOpec producers agreeing on the nine-month extension for the market to begin build up new long positions", Saxo's Hansen said.

Jefferies analysts lowered their oil price forecasts due to the rise in US production, cutting its Brent price estimate for the second half of 2017 to $59 per barrel from $61 previously. It cut its Brent price estimate for the second half of 2017 to $59 per barrel from $61 previously.

"The number of tankers storing oil is on the rise across offshore China, as facilities on land remain full".

The North Sea oil production is also expected to increase by a net 400,000bpd in the next two years as operators look to improve efficiency, which fuels oversupply concerns.

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