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In December 2016, OPEC and non-OPEC producers reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices.

U.S. West Texas Intermediate crude futures rose 63 cents, or 1% to $65.10 a barrel late morning Wednesday.

In see-saw trading, the dollar had risen early against the euro as the single currency backed away from a three-year high.

The U.S. Energy Information Administration report on oil inventories is due to be released on Wednesday at 10:30. EST. That put total inventories at 411.6 million barrels, the lowest since February 2015, according to Reuters.

Crude stockpiles at Cushing, Oklahoma, the delivery point for WTI and the biggest US oil-storage hub, decreased by 3.57 MMbbl last week, the American Petroleum Institute was said to report Tuesday.

The price of a barrel of North America's crude oil benchmark topped $65 United States for the first time since 2014 on Wednesday, pushed up by new data showing crude inventories have now declined for 10 weeks in a row.


This week, the API is reporting another build in gasoline inventories of 4.117 million barrels for the week ending January 17.

The price for Brent crude oil, the global benchmark, already closed above $70 per barrel once this year, a four-year high that followed a 4 percent spike in the price for oil over a few opening sessions.

The increase in orders coincides with the efforts of the Organization of Petroleum Exporting Countries (OPEC), Russia and other non-member nations to carry on with the supply limits that began in January 2017 and that will extend until the end of 2018.

Oil prices have been at near record-lows for years, bottoming out at $26.21 in February 2016 as cheaper U.S. shale oil flooded the market.

However, while others are clearly optimistic that will occur - one only has to look at the price action since the middle of a year ago for evidence - Dhar shares a significantly different view. USA production continued to climb, pushing above the 9.8-million barrel a day mark.

The oil surplus is still being reduced on a weekly basis and demand exceeds supply even with shale growth, Russia's Energy Minister Alexander Novak said at the World Economic Forum in Davos. The S&P Global Platts survey forecast a supply rise of 2.1 million barrels for gasoline and a fall of 2.5 million barrels for distillates.


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