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* Brent, WTI futures prices are the highest since November
* Falling car sales in China point to weaker demand
* Increased US production could undermine OPEC efforts
* Crude oil production and drilling levels in the United States: https://tmsnrt.rs/2Eh2i9w (updated prices)
LONDON, Feb. 18 (Reuters) – Brent crude oil has stabilized on Monday, heading for its strongest first quarter in eight years, thanks to investors' growing belief that cuts in the supply of OPEC will prevent the accumulation of unused fuel, although concern over the Chinese economy offset the gains.
Brent futures were down 6 cents to $ 66.19 per barrel in 1239 GMT, after peaking at $ 66.83 in 2019, while US futures were up 37 cents to 55, 96 dollars a barrel.
Oil has risen nearly 25% since the beginning of the year and is expected to post its best performance in the first quarter since 2011, largely thanks to the commitment of the Organization of the Exporting Countries of the United States. oil and its allies to reduce their production.
"Our numbers (…) tell us that we are looking at the roughest gross balance for many years and, as such, a certain degree of price support simply makes sense at the moment," he said. said JBC Energy consultant in a note. .
Refiners around the world also have to pay more to secure supplies of medium and heavy crude produced by Iran and Venezuela, both of which are subject to US sanctions.
Broader financial markets eased slightly after data showing a decline in car sales in China in January raised concerns about the world's second-largest economy.
Some of this weakness has dissipated in the oil market, but badysts have said that the general trend of crude prices remains convincing up for the moment.
"Many" if "and" but "could have a profound impact on oil prices, just think of the unpredictable Donald Trump, the Brexit, trade negotiations or a possible resumption of Libyan production and / or Venezuelan, "said Tamas Varga, an badyst at PVM Oil Associates.
"The latest data available, however, are pointing in the direction of a tightening of the market.It is not recommended to swim against the current and at present, the" oil river " flows north. "
US energy companies have increased the number of oil platforms looking for new sources of supply by three, for a total of 857, energy services firm Baker Hughes said in a report last Friday.
(Additional report by Henning Gloystein, edited by Dale Hudson and David Goodman)
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