Oil prices end at highest level in about three weeks

US crude exports surged 12 per cent in 2016 to 520,000 barrels per day and China became the third-biggest overseas destination for USA crude last year, according to EIA data, up from ninth the previous year.

Crude inventories rose 867,000 barrels (bbl) in the week ending March 24, compared with analysts' expectations for an increase of 1.4 MMbbl. However, Nigeria and two other countries got concessions.

"That [Libya], along with the Iranian oil minister saying there is likely to be an extension to the production cut deal, helped crude oil rally overnight", said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

The latest is that the oil sheiks are looking to extend that agreement despite a loss of market share as USA producers ramp up in response to the recent recovery in oil prices.

Refineries processed 16.2 million barrels a day of crude last week, up 425,000 barrels from the prior week, according to the EIA.

"The second-largest regional destination is Asia, including China, Korea, Singapore, and Japan". Among the OPEC countries, oil output in Nigeria rose, while production in Saudi Arabia, the United Arab Emirates, and Angola fell the most.

Brazil become the first side to qualify for the World Cup
Coach Tite, who has won seven straight games in qualifiers since he took over in September, had his best days at Corinthians. In the second half, Brazil had the chance to make it 2-0 after a superb run by Neymar that ended in a controversial penalty.

As such, the USA benchmark for oil prices has fallen in recent weeks from more than $54 a barrel in February to about $49 per barrel on Wednesday.

"Currently, we are producing about 17 percent of our total oil production in the arctic".

OPEC agreed to reduce oil production by 1.2 million barrels per day during the first six months of the year.

The news that inventory builds for the time being aren't as severe as expected is accompanied by the familiar worry that far from a global glut being the focus of problems, a supply crunch is looming that could cause market chaos.

Low tanker rates for most of 2016 helped to narrow the price spread needed to allow for an economically attractive trade between the USA and overseas markets.

Natural gas futures for May delivery shed 3.9 cents to $3.192 per million British thermal units, as traders looked ahead to weekly storage data due later in the global day.

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