Oil prices rise as concerns about oversupply ease

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"The move is created to add more barrels to the market and reduce upward pressure on oil prices after unexpected outages in Venezuela and Libya pushed compliance to record high levels", said Reuters.

West Texas Intermediate crude for August delivery, which expires Friday, rose $1.34 to $70.10/bbl at 10:05 a.m. on the New York Mercantile Exchange.

Brent futures rose 68 cents/Bbl, or almost 1%, to $72.84/Bbl by 2:25 p.m. ET, after falling almost a dollar to a low of $71.19/Bbl, its weakest since April 17, Reuters reported.

The gains followed a statement from Saudi Arabia's energy ministry, in which the country's OPEC governor, Adeeb al-Aama, said it has no plans to oversupply the market, even as the OPEC and non-OPEC production deal unwinds.

API warned though that recent tariffs placed on steel and iron imports could harm the oil and gas industry's success.

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The WTI Crude Oil market had a slightly positive session on Wednesday, getting roughly 1% as I record this.

Prices have been dragged down by worries about oversupply as some production returned after outages, while trade tensions between the United States and China stoked fears of damage to their economies and their demand for commodities. This making traders nervous because it suggests not only a trade war, but a currency war may be brewing.

Futures rose as much as 2.1% in NY on Thursday, reversing early-morning losses.

Gasoline inventories fell by 3.2 million barrels, while distillate stockpiles, which include diesel and heating oil, fell by 371,000 barrels, the EIA data showed.

Following a massive global supply glut, prices had been propped up in recent months by a production cap agreement led by oil cartel OPEC and Russian Federation, but this has since been scaled back.

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Oil prices reversed course after selling off hard on a shocking 5.836-million-barrel increase in US crude supply.

The price of U.S. crude oil is dropping still further as oversupply in the market continues to dominate trading.

Iran's crude oil exports reached a record 2.617 million barrels per day in April. The objective is to bring down oil prices-and gasoline prices-ahead of the mid-term elections in November, the same month in which the renewed US sanctions on Iran are returning.

Goldman still thinks that Brent could retest the $80 a barrel market, but only late this year, instead of in the summer, depending on USA oil policies.

Most of the local oil refiners try to avoid importing crude oil from Mexico because it contains a relatively high level of foreign particles such as sulfur, making suitable for producing low-profit products such as bunker fuel only.

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