Oil prices climbed on Thursday after a survey showed OPEC cut rates remain high, surpassing the first time that U.S. oil production has surpassed 10m b / d since 1970.

Today is the first day of Brent crude contract in April to become the contract in recent months, the contract rose 0.76 US dollars, or 1.1%, to close at 69.65 US dollars a barrel. March US crude oil futures jumped 1.07 U.S. dollars, or 1.7 percent, to settle at 65.80 US dollars a barrel.

Both contracts closed at their highest level since December 2014.

January crude oil rose for the fifth consecutive month, Brent crude oil rose 3.3%, US crude oil rose 7.1%, Brent crude oil hit its biggest gain in five years in January, the United States crude oil in 12 years the best annual start.

"Oil prices are rising today as OPEC continues to honor its 2018 cut in production commitments," said Brian Kessens, portfolio manager and managing director at Tortoise.

A Reuters survey released on Wednesday showed OPEC crude oil output rebounded from its eight-month low in January as a result of the increase in production in Nigeria and Saudi Arabia, which offset the declining output in Venezuela and the continued high output reduction in the oil-producing countries .

In strict compliance with OPEC cutbacks, the monthly report released by the Energy Information Administration (EIA) on Wednesday said the United States crude oil production in November exceeded 10 million barrels / day for the first time since 1970, and approached the highest production record.

Goldman Sachs will raise its three-month average Brent crude price from $ 62 a barrel to $ 75 a barrel and raise the six-month average crude oil price estimate from $ 75 to $ 82.5. This also helps support Thursday's oil price.

However, the Reuters survey released on Wednesday showed that oil prices are unlikely to exceed US $ 70 a barrel in 2018 as the OPEC-led output cuts and the U.S. output increase each other.

<>International oil prices rose due to strict implementation of OPEC cut
<>International oil prices rose due to strict implementation of OPEC cut

 

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