London — Rising US crude stocks dragged oil lower on Thursday but prices continued to find a floor as oil cartel Opec-led cuts and free-falling Venezuelan output tightens global supplies.
US crude inventories surged by 7-million barrels to a 17-month high of 456.6-million barrels last week, the Energy Information Administration said on Wednesday. US crude oil production remained at a record 12.2-million barrels per day , making the US the world’s biggest oil producer ahead of Russia and Saudi Arabia.
Tightening global oil supplies also kept a lid on further price losses. US sanctions and power outages pushed Opec member Venezuela’s crude output to a long-term low of 870,000 bpd, the IEA said on Thursday, even lower than Opec had reported the day before. The agency, which co-ordinates the energy policies of industrialised nations, saw oil stocks in industrialised countries fall in February by 21.7-million barrels, still 16-million barrels above their five-year average.
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