The rise in price, which has spurred a sharp rally in energy shares, follows 16 months of supply cuts by Opec and Russian Federation that have removed at least 1.8 million barrels a day from the market.
"If oil prices were to move toward $80 a barrel and euro weakened a bit, there could be some inflation pressure", said Rabobank's head of macro strategy Elwin de Groot.
NEW YORK, April 19 (Reuters) - Oil prices hit highs not seen since 2014, with us crude edging closer to $70 a barrel, after OPEC producers told Reuters the inventory overhang has largely disappeared and as top exporter Saudi Arabia aims to push prices even higher.
"The fact that the gasoline inventory reduction was more pronounced than anticipated was due to record-high gasoline demand, which is extremely unusual outside the summer driving season", said Commerzbank analysts in a note. "The market will remain supported for the next couple of days with the meeting in Jeddah". A committee that monitors adherence to the cuts meets in Saudi Arabia on Friday, and the wider group will gather in June to determine whether the agreement should be adjusted.
A global oil glut has been virtually eliminated, according to a joint OPEC and non-OPEC technical panel, two sources familiar with the matter said, thanks in part to an OPEC-led supply cut deal in place since January 2017.
While U.S. oil companies' first-quarter results, which will be released in the coming weeks, will provide the latest evidence on how the sector is performing with much higher oil prices, the fourth quarter of 2017 augured the current turnaround. "If the idea is to get a ton of money in the door now, then they're probably doing the right thing", Stuart said.
The decline in both crude and gasoline stocks was above market expectations and pushed crude oil prices higher, analysts said.
"Would they declare victory now and stop?" In the end, it's about revenues. "They need higher prices".
OPEC's Secretariat in Vienna will be tasked to prepare a study with different scenarios on inventories, market fundamentals and the risks which might impact market stability such as possible US sanctions on Iran, one of the source said.
According to the International Energy Agency (IEA), the USA will overtake Russian Federation to become the world's largest oil producer by 2023.
It looks like OPEC and Russian Federation are deliberately overtightening the oil market and won't call the end of the cuts yet, aiming at higher oil prices and shrugging off (at least in the short term) the potential threats to the oil market balance-a shale surge and possible slower demand growth.
Iran, which has to depend largely on Syria's air defense system, is particularly exposed to Israel's air force. Hezbollah's warnings reflect the point of view of Tehran and are a forewarning to Israel.
No criminal charges will be filed in connection with the death of Prince , a Minnesota prosecutor announced on Thursday. A toxicology report after his death found an " exceedingly high " level of the opioid fentanyl in his body.
Sammartino would be champion off and on again until leaving WWF for good in 1988. "Rest in power and thank you Bruno Sammartino ". He went on to hold the title for what was an incredible eight years, a record which will likely never be broken.
This is consecutive gold medal for Vinesh in Commonwealth Games after winning it four years ago in 48kg category in Glasgow. She had won the World Championships in 2012 and is also a bronze medalist in the 2010 Commonwealth Games held in Delhi.
Addressing Hannity's comments about Cohen, Kimmel said , "It's interesting, he has a lawyer he doesn't pay". District Court Judge Kimba Wood in NY was about what should happen to seized material from Cohen.
And since her arrest and incarceration in different maximum security Sydney women's prisons, she had regretted her actions. Roberge and Lagace became Instagram stars for showing off their smuggling trip aboard the cruise ship MS Sea Princess .
Barbara Bush , who died Tuesday at age 92, was "a pillar of strength for her family" and was "much admired in our country". The only other girl to become both wife and mother of USA presidents was Abigail Adams , the first lady from 1797 to 1801.
Surjewala said the issue of criminality in the case, or its lack thereof can only be decided through an investigation. Addressing the media, Congress leader Randeep S Surjewala said, "The verdict marks a sad day in India's history.
I would eventually add Almas to Smackdown Live; surprise attacking Dolph Ziggler who will make his offense look like $20,000,000. And now, the former SmackDown Live general manager gets his hands on the villains he once tried to contain.
Pacers get ready for Cavs' counterpunch heading into Game 2
IN ranks 13th in points in the paint per game (44.6) while Cleveland ranks 20th in points allowed in the paint per game (46.9). The Pacers finished second in the league in steals this season and that continued to hold true in Game 1 with 12 team steals.
Salah, De Bruyne named on PFA team of the year
The Egypt global has now bagged 30 goals in 32 league appearances and a total of 40 goals for Liverpool in all competitions. Alonso held off strong competition from left-backs such as Liverpool's Andy Robertson and Tottenham's Ben Davies.
Industry Remembers Barbara Bush, Popularizer of Pearls
Also a year ago , they both wound up in the same Houston hospital - the former president with pneumonia; his wife with bronchitis. At age 92, the Bush matriarch declined medical treatment for her declining health and ultimately passed on Tuesday, April 18 .
Blue Jays game PPD, falling ice, hole in roof
The Toronto Blue Jays-Kansas City Royals game was called off because of a hole in the Rogers Centre roof in Toronto. Even though Monday's game was rescheduled, the Blue Jays are calling it a cancellation as they'll lose a home gate.
Dozens injured in Armenia
The election of Mr Sargsyan to the presidency in 2008 was met with demonstrations, with protesters alleging vote rigging. Six police officers and 40 rioters were injured in clashes and received medical attention, the Health Ministry said.