Oil prices climbed Tuesday amid uncertainty over the duration of supply outages in Libya and falling inventories in North America, even as Saudi Arabia and Russia pumped more crude into the market. Major oil ports in Libya have been shut due to an armed struggle that has removed 850,000 barrels a day from the global oil market and boosted prices. The U.S. crude grade has gained particular support from declining domestic crude stocks and supply disruptions in neighboring Canada. Click Read More below for additional information.
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