Oil prices rise amid broad market rally, OPEC supply cuts

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Oil prices rise amid broad market rally, OPEC supply cuts

The EIA data came after the American Petroleum Institute also said Tuesday that USA crude stocks had fallen in the previous week.

International Brent crude oil futures were at $66.85 a barrel at 0341 GMT, up 18 cents, or 0.3 percent, from their last close.

The Organization of the Petroleum Exporting Countries (OPEC) and some non-aligned producers including Russian Federation have been withholding oil supply since the start of the year to tighten global markets and prop up crude prices.

It added that supply cuts this year by the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russian Federation - known as the OPEC+ alliance - aimed at tightening oil markets were also supporting crude prices.

Venezuela's worst blackout on record has left most of the country without power for six days, with hospitals struggling to keep equipment running, food rotting in the tropical heat and exports from the main oil terminal were shut down.

"Failures in the electrical system".

"The United States is increasingly leading the expansion in global oil supplies, with significant growth also seen among other non-OPEC producers, including Brazil, Norway, and new producer Guyana", the IEA said in its five-year outlook.

The API also reported a huge draw in gasoline inventories of 5.8 million barrels for the week-ending March 8.

The EIA's (U.S. Energy Information Administration) STEO (Short-Term Energy Outlook) report released on March 12 estimated a small fall in United States crude oil production in February on a month-over-month basis.

The Kingdom will supply overseas customers with less than seven million barrels a day, 635,000 barrels less than refiners asked for. Traders are looking for a 2.7 million barrel build, but expectations could change to reflect the API data as we approach the regular session opening and report time.

Washington sanctioned Venezuelan oil exports in January in an effort to oust President Nicolas Maduro and a massive power outage since last week halted crude exports from its primary port, essentially crippling the South American country's principal industry.

If there is topping action, it could be related to downside risks from economic growth concerns and strong oil supply growth from the United States.

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