WTI Crude Oil Heading North Towards Upper Range $58 - What's Next?

India Targets Saudi Investment In Strategic Oil Storage

India Targets Saudi Investment In Strategic Oil Storage

Crude stocks at the Cushing, Oklahoma, delivery hub fell 672,000 barrels, their first drawdown in a month, the EIA said.

Brent crude futures LCOc1 were at $66.65 per barrel, up 7 cents, or 0.1 percent.

Oil prices have been pushed up this year by supply cuts led by the Middle East dominated producer group of the Organization of the Petroleum Exporting Countries (OPEC).

It added that supply cuts this year by the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russian Federation - known as the OPEC+ alliance - aimed at tightening oil markets were also supporting crude prices.

US West Texas Intermediate (WTI) crude oil futures were at $56.97 per barrel at 0054 GMT, up 18 cents, or 0.3 per cent, from their last settlement.

Venezuela's opposition-run congress on Monday declared a “state of alarm” over a five-day power blackout that has crippled the country's oil exports and left millions of citizens scrambling to find food and water.

"Failures in the electrical system".

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"All the while, the pressure to find alternative buyers for its crude will ramp up as a March 29 deadline approaches for U.S. refiners to halt their imports", he said.

The API also reported a huge draw in gasoline inventories of 5.8 million barrels for the week-ending March 8.

Saefong: The U.S. Energy Information Administration trimmed its forecasts for U.S. crude production for this year and next and lifted its 2019 forecasts for U.S. and global benchmark oil prices, according to its Short-term Energy Outlook report released Tuesday.

"The United States accounts for 70 percent of the total increase in global capacity to 2024, adding a total of four mb/d (million barrels per day)". Traders are looking for a 2.7 million barrel build, but expectations could change to reflect the API data as we approach the regular session opening and report time.

"This shows Saudi Arabia's resolve to keep the oil market balanced by keeping oil supply tight", said Carsten Fritsch, an analyst at Commerzbank.

"I expect to see WTI hitting $60 a barrel in the next couple of weeks as inventories in the US are impacted by the lack of Venezuelan imports", said Andrew Lipow, president of Lipow Oil Associates in Houston.

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