Opec stresses need for 2019 oil supply cuts

EIA: The US imports and exports substantial volumes of petroleum

Another influence for traders was US sanctions against oil exports from Iran and Venezuela said to be contributing to the tightening: Barclays noted that "Failures in [Venezuela's] electrical system".

American benchmark West Texas Intermediate was at $58.44 a barrel at the same time, posting almost a 0.2 percent increase, after ending the previous session at $58.34 per barrel.

Opec on Thursday cut the forecast of global demand for its oil this year as rivals boost production, building a case for extending supply curbs beyond June to stop any new glut.

An OPEC source told Reuters on Tuesday OPEC would stick to its agreement to tighten crude supplies regardless of Trump's recent tweet.

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EIA expected these trends "to continue over the next several years".

US crude oil production is expected to grow slower than previously expected in 2019 and average about 12.30 million barrels per day (bpd) the US Energy Information Administration (EIA) said on Tuesday.

USA crude oil production also dipped, falling by 100,000 barrels per day (bpd) to 12 million bpd.

In April previous year, the Abu Dhabi National Oil Company (ADNOC) said that it was establishing a new trading unit to "introduce and manage non-speculative trading to further maximize value from every barrel of crude oil and refined product that is produced and marketed by the company". USA crude oil exports have also increased as domestic production has risen.

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Forecasts slowed United States production to a record of 13 million barrels per day (bps) until the third quarter of 2020, instead of the second quarter of previous forecasts. In its March Short-Term Energy Outlook, EIA forecasts that the United States will become a net exporter of crude oil and petroleum products on a monthly basis later this year and on an annual basis in 2020.

USA net trade of petroleum, which includes crude oil, petroleum products, and natural gas plant liquids, has fallen in recent years, reaching 2.3 million bpd in 2018. Petrol stocks fell by 5.8 million barrels, compared to analysts' forecasts in a 2.5 million barrel survey at Reuters. Since then, crude oil imports have increased slightly, averaging 7.7 million bpd in 2018.

Gasoline inventories on the other hand did eke out a small increase of 0.4m barrels.

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