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The data come on heels of a bullish U.S. oil inventory report that showed lower crude oil supplies as well as a dip in production, according to the weekly Energy Department data released Thursday. "Like we've seen this year, geopolitical risks will be the key factor going forward for oil to breach $60".

"China's oil demand growth appears to be accelerating", investment bank Jefferies said. EIA forecasts total USA crude oil production will average 9.2 million barrels a day for all of 2017 and 10 million barrels a day in 2018, which would mark the highest annual average production, surpassing the previous record of 9.6 million barrels a day set in 1970.

Brent rose 0.1% to $66.50 per barrel.

"The economies look pretty good, demand is decent".

USA output is up nearly 16 percent since mid-2016.

Unleaded Gasoline
Daily February Unleaded Gasoline

The effort culminated with a meeting in Vienna in November, where the group and its allies agreed to extend the cuts through the end of next year. Gasoline futures settled up 0.3% at $1.7992 a gallon. Meanwhile, the net-bullish position on diesel rose by 26 per cent to a record as the cold snap boosted heating demand.

"It didn't tickle our fancy too much", John Macaluso, a trader at Tyche Capital Advisors, said of the recent move. Most other USA petroleum exports stay in the Western Hemisphere, but some of the top destinations for United States propane exports are Asian countries such as Japan and China.

WTI prices were further boosted by an EIA report of a 4.6 million barrel weekly drop in USA commercial crude storage levels. The volumes of oil these companies financially hedged for 2018 collectively totaled 23 percent of their total third-quarter 2017 liquids production and 12 percent of forecasted USA crude oil production in 2018, based on EIA's December Short-Term Energy Outlook.

Darwei Kung, portfolio manager of the Deutsche Enhanced Commodity Strategy Fund, said $60 is at the high end of the range he's anticipated. The largest destination for USA distillate exports in 2016 was Mexico, averaging 182,000 b/d, followed by Brazil (125,000 b/d) and the Netherlands (108,000 b/d).

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