Oil rises to $67 on cuts to Saudi, Venezuelan exports

There will come a time when the price of crude Oil will spill down

USA crude stocks also fell unexpectedly last week, the American Petroleum Institute said on Tuesday, as supply from various producers was being curbed.

On London-based ICE Futures, the price of Brent crude oil to be delivered in May advanced by $0.77, to $66.58 a barrel. Distillate fuel inventories gained a modest 400,000 barrels, after falling by 2.4 million barrels in the last week of February.

Oil prices rose on Wednesday, after an official forecast showed slower-than-expected US production and USA sanctions stalled exports from Venezuela. "They're on a mission to get prices back up to $80 a barrel", said Phil Flynn, senior market analyst at Price Futures Group Inc.in Chicago.

For the 24 hours to 23:00 GMT, Crude Oil rose 0.44% against the United States dollars and closed at USD57.16 per barrel, after the Energy Information Administration, in its short-term Energy outlook, lowered its projections for U.S. crude production growth. "It looks very supportive as refiners come out of maintenance".

April West Texas Intermediate crude, +0.82 per cent rose 86 cents, or 1.5 per cent, to $56.93 a barrel on the New York Mercantile Exchange, after prices rose 0.5 per cent last week, according to Dow Jones Market Data.

On Tuesday, the EIA revised down its estimate for domestic crude production growth in 2019.

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Venezuela's worst blackout on record has left most of the country without power for six days, with hospitals struggling to keep equipment running, food rotting in the tropical heat and exports from the main oil terminal were shut down.

"The ministers reviewed various Saudi investment proposals in the Indian oil and gas sector, including the urgent steps to be taken to expedite the implementation of the first joint venture West Coast Refinery and Petrochemical Project in Maharashtra, estimated to cost the USA $44 billion, which will be the largest greenfield refinery in the world", a government statement said on Sunday.

Crude rallied this year after the Organisation of the Petroleum Exporting Countries (OEPC) and its allies including Russian Federation, a group known as OPEC+, returned to supply cuts as of January 1.

Offsetting OPEC efforts to tighten the market and disruptions like Venezuela is a surge in USA oil supply.

In terms of production, "there's nothing really bearish about the markets", said Brynne Kelly, an energy trader and analyst in NY.

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