Angola is second largest oil supplier to China in January

Brent Crude Oil

News of a production halt at Libya's 70,000 barrel-a-day El-Feel field helped cap a weekly drop of more than 3 percent, after a report on Thursday showed storage tanks at the Cushing, Oklahoma, hub are at their lowest levels since 2014 as exports of United States crude surge.

So, as of 08:30 Moscow time the price of Brent crude oil stood at 67,22 per barrel.

Crude oil prices slipped lower on Tuesday.

Elsewhere, Brent oil for April delivery on the ICE Futures Exchange in London was down 7 cents or about 0.10% at $66.97 a barrel, after hitting a more than two-week peak of $67.37 on Friday.

Oil price gains were again capped by strong U.S. production and rising exports.

"There is ongoing pressure, largely coming from a stronger U".

USA output was 10.27 million barrels per day (bpd), according to government data released on Thursday, higher than the latest figures for the world's largest exporter Saudi Arabia and just below Russian Federation.

USA tourist arrested in Japan after severed head found in apartment
That same day, police apprehended the suspect in Nara Prefecture on suspicion of confining the woman in the Higashinari residence. The pair reportedly met on a "social networking site" before making plans to arrange a trip, the woman told one of her friends.

The 2018 federal budget, released February 27, did not have good news for the oil sector, with a forecast for lower oil prices.

The selection of Al Falih came in appreciation and recognition of the pivotal role the energy minister of Saudi Arabia played through 2017 in shepherding the implementation of the Vienna Agreement to cut global oil supply, which played a seminal role in eroding record inventories and pushing oil prices to consolidate above $60 a barrel.

That fits with the current policy of the Organization of Petroleum Exporting Countries and Russian Federation: their agreement to reduce supply is set to expire at the end of this year, with a gradual return of production after that.

Still, OPEC and its allies seem unfazed by USA shale and continue to send messages to the market that they will do "whatever it takes" to balance the oil inventories and that production cuts are here to stay until the end of 2018. It will reassure those Americans that fear the USA is always being held to ransom by Middle East, even though the United States spends a huge amount on defending the regions' oil fields - think Desert Storm and all that. Still, U.S. supply remains a threat, with the nation's rig count rising for a fifth week to the highest since April 2015.

Analysts also said prices were following through a more than 1.5 percent rise on Thursday.

"We've got a lot more oil to produce and we'll be through that 11 million barrel-per-day threshold much sooner than expected", said Streible. "We see more downside for oil". However, inventories are forecast to have risen by 2.7 million barrels last week, a preliminary Reuters poll showed on Monday. This fiscal it will import 36.5 million tonnes of crude oil from Saudi Arabia.

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