Oil edged up from one-month lows on Tuesday, following its largest one-day slide in more than five weeks although analysts said the prospect of a more substantial price recovery was limited. The market remains weighed down by record output from the world's largest exporters, and mounting uncertainty that OPEC and its rivals can do much to tackle a two-year global surplus. Oil prices hit their highest in a year in October after the Organization of the Petroleum Exporting Countries said at a meeting in Algeria in late September it had agreed to limit production that is around record highs to help erode the surplus.
Oil prices rose on Wednesday, buoyed by an official forecast showing slower-than-expected U.S. production, and as U.S. sanctions stall exports from Venezuela.
The U.S. Energy Information Administration (EIA) said on Tuesday that U.S. crude production was expected to grow more slowly in 2019 than it had previously expected, averaging about 12.30 million barrels per day (bpd).
The EIA revised down its projected 2020 production figure from 13.20 million bpd to 13.03 million bpd.
more at: https://www.reuters.com/article/us-global-oil-idUSKBN1QU04I