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Oil Prices Hit One Week High

Crude rose to a three-week high after Kuwaiti comments bolstered optimism that OPEC and its partners will extend output curbs. Refinery utilization rates rose by 1.9 percentage points.

"The possibility of a deal extension is high, but the issue must be thoroughly discussed first", Zanganeh said.

Major oil traders gathered in Switzerland this week said they expected the output cuts to be extended, providing Russian Federation complies.

USA producers are leading the spending revival, and will contribute most of the growth in supplies outside OPEC through to 2022, the agency said.

US crude futures surged to almost a two-week high after EIA reported that crude inventories rose 867,000 barrels last week, almost half the build expected.

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Skeptics of the Organization of the Petroleum Exporting Countries' deal to curb output have argued that the production cuts would be at least partially offset by Libya, which doesn't have an output quota under the deal.

Crude prices received support after Libya reported the closure of key pipelines, as tension between the government and a militia flared up again, removing about 250,000 oil barrels a day from the market.

Meanwhile, gasoline stockpiles fell by 3.7 million barrels and distillates fell by 2.5 million barrels, exceeding analyst expectations and indicating healthy demand.

USA crude oil was 10 cents lower at.41.

Elsewhere on Nymex, gasoline futures for May tacked on 0.7 cents, or 0.5%, to $1.681 a gallon, while May heating oil added 0.7 cents to $1.553 a gallon.

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Those answers could be construed as elusive rhetoric from any other player, but in Johnson's case, it's just the plain truth. At the 16th Rahm brilliantly holed from 31ft, meaning Johnson was suddenly only one hole ahead with two to play.

Shortly after the 10:30 a.m. ET release, US benchmark West Texas Intermediate oil contracts for May delivery were trading up 1.4% to above $49 a barrel.

But as markets remain bloated halfway into the cuts, there is a broad expectation that the supply cuts will be extended into the second half of the year.

The US Energy Information Administration (EIA) is due to publish official US crude and fuel product data on Wednesday.

Other oil exporters outside OPEC, including Russian Federation, have also promised to cut production but so far those reductions have been limited.

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