Brent's approaching $ 70 as oil price rises for the fourth day By Reuters

By Aaron Sheldrick

TOKYO (Reuters) – Oil prices rose for a fourth day on Wednesday, coming close to $ 70 a barrel, support provided by OPEC-led supply cuts and US sanctions having eclipsed a report showing an unexpected increase in US stocks.

Brent futures rose 36 cents, or 0.5 percent, to $ 69.73 a barrel at 05:54 GMT, after reaching $ 69.87, the highest level since November 12, the last time They traded above $ 70.

US West Texas Intermediate Crude rose 26 cents, or 0.4%, to $ 62.84 per barrel, up from $ 62.90, its highest level since November 7.

"OPEC + production cuts here provide a window of opportunity for rising prices, and until US production is restored, the movement is easier for oil," said Edward Moya, an industry badyst. main market at OANDA.

Oil prices have been supported for much of the year 2019 by the efforts of the Organization of Petroleum Exporting Countries (OPEC) and unaffiliated allies like Russia, known as the OPEC + name, who are committed to retain about 1.2 million barrels per day of supply. this year.

The supply of OPEC countries hit its four-year low in March, according to a Reuters survey found earlier this week. [OPEC/O]

Oil production from Russia fell to 11.3 million barrels a day (bpd) last month, but did not reach the country's goal under the agreement .

"We badume that OPEC crude oil production will average 30.1 million bpd in 2019 … against 31.9 million bpd in 2018", BNP Paribas (PA 🙂 said in a note, reducing by 200,000 b / d an earlier forecast for this year.

Three of the eight countries to which Washington gave up importing Iranian oil have reduced their imports to zero, said a US official on Tuesday, adding that improving global oil market conditions would further reduce Iran's exports of crude oil. .

Vice President Mike Pence said on Tuesday that the United States would continue to pressure Venezuelan oil industry and those backing it with economic sanctions, citing world oil prices as low enough to allow such measures.

According to PDVSA documents and Refinitiv Eikon data, the national energy company PDVSA has limited oil exports to one million barrels a day despite US sanctions and power cuts that paralyzed its main export terminal.

Inventories rose unexpectedly last week as gasoline and distillate inventories rose, industry group American Petroleum Institute announced Tuesday.

The official numbers of the US Department of Energy (DoE) are to be released Wednesday. [EIA/S]

"As long as we do not see a major build with DoE crude oil stocks, we could see a clear increase," said Moya.