Crude has struggled since hitting a three-year high in January.
The statistical agency says world oil demand this year will increase 1.5 million barrels per day this year. However, the group warned that recent signs of protectionism from the US could hamper economic growth forecasts worldwide and in turn, hit trade flows and oil demand.
OPEC and its allies are strictly sticking to the agreement of oil production ceiling to bring the market back to balance.
The world's biggest oil producers late last year agreed on a nine-month extension of an existing deal curbing production throughout this year to shrink stockpiles and keep prices above $60 per barrel but the recent development may force the price to dip.
However, longer-term factors centred mostly on soaring United States production kept markets wary.
That said, gains were limited by the Organization of the Petroleum Exporting Countries' (OPEC) projection that supply will overtake demand this year.
Saudi Arabia remains committed to OPEC's objective of "restoring inventories to their normal levels", the kingdom said earlier this week. USA output climbed by 12,000 barrels to 10.381 million barrels a day last week, the highest in weekly data going back to 1983, according to the Energy Information Administration. The discount of April contracts to May widened to 6 cents as growing supply weighed on the value of oil for prompt delivery. West Texas Intermediate (WTI) crude futures were up 1 cent at $60.97 a barrel. Brent is down 0.5 per cent for the week.
"Contango and backwardation are both a fundamentally physical signal in terms of surplus, but they are also strongly impacted by changes in speculative positions", SEB head of commodity strategy Bjarne Schieldrop said.
But speaking with CNBC during the CERAWeek 2018 conference held in Houston, Mohammad Barkindo, secretary general, OPEC, said there was no need to fear U.S. shale oil revolution. The move could have implications for U.S. sanctions on Iran, which could impact the latter's oil industry and exports, Facts Global Energy and Royal Bank of Canada warned.
It might not be all doom and gloom, even with the beginnings of an inventory build.
"This is a range-bound market for the moment", Rob Haworth, who helps oversee $151 billion in assets at U.S. Bank Wealth Management in Seattle, said by telephone. Explosive growth in the USA and substantial gains in Canada and Brazil will far outweigh potentially steep declines in Venezuela and Mexico.
However, now that Skyrim VR is coming to SteamVR, players with an HTC Vive headset will be able to get in on the fun as well. Skyrim VR will be something that's instantly familiar to those who are already well acquainted with the standard version.
We're also getting the first seasonal event in the form of the Spring Blossom Festival, from April 6th to April 19th. Added the "Text Size" setting for changing subtitle text size, under Start Menu Options Game Settings .
The only downside to night two is that the episode was stuffed with a lot more average singers who received golden tickets. Next up is Misha Gontar , 26, from Marengo, Illinois who shows Ryan that he's going to sing a particular Ukranian song.
Sri Lanka , however, could not make the most of the start and lost wickets at regular intervals to squander the momentum. Skipper Rohit Sharma has been out of form and the Mumbai batsman would like to hit the purple patch as soon as possible.
The global toy industry has been fighting a losing battle for the attention of children obsessed with smartphones and tablets. Representatives at the company's corporate offices could not be reached for comment about the Hawaii locations.
Saquon Barkley would jumpstart the Giants' running game, and the Browns may have indicated that they won't be drafting him. In his last season with the 49ers, Hyde started all 16 games, and he totaled 1,290 yards and 8 touchdowns on 299 touches.
Mara Justine posted a video to social media as friends and family in Galloway Township gathered to view her big moment on Tuesday. Thaddeus returned for Season 16 as a new man physically, mentally and emotionally after losing a substantial amount of weight.
It should be noted that previous year Obama correctly picked North Carolina and UConn as the men's and women's champions. Get prep sports breaking news alerts from the Gwinnett Daily Post staff delivered to your email.
Interim Chief of Police Brian Manley told KXAN the packages were average size boxes. "We have innocent people being hurt". The explosions Monday happened at homes just a few miles apart. "She loved them so much I gave her a piece of the bush".
Go away and shut up, defence secretary tells the Russians
He added: "Russia has in my view made a deliberate political decision in terms of what they did, in terms of attacking Britain". The prime minister described the incident with Skripal as Russia's "indiscriminate" and "reckless" attack against the UK.
Judge in Cosby Case to Allow Five More Accusers to Testify
But prosecutors have focused on women whose allegations follow a pattern of mentorship, followed by drugging and sexual assault. She said she woke up to find her dress disheveled, her breasts exposed and Cosby forcing her to touch his genitals.
Alan Cumming could be thanking Stormy Daniels soon
But Trump never signed, providing the basis for Avenatti's attempt to have it thrown out and release Daniels from her obligations. Martin is listed as a lawyer for the Trump National Golf Club in Los Angeles County.
Bypoll Results in UP, Bihar Will Spur Opposition Unity
Will SP's vote base elect BSP candidates? "We will definitely find out the reasons behind the defeat of the BJP candidates". Samajwadi Party's Nagendra Pratap Singh Patel won in Phulpur while the SP's Pravin Kumar Nishad was leading in Gorakhpur .
CB Patrick Robinson to sign four-year deal with Saints
Robinson would fit well as a slot defender on the Patriots defense, who just lost Malcolm Butler to the Tennessee Titans. Robinson came up with a game-changing interception return for a touchdown against the Vikings in the NFC Championship.
Farmers reach Mumbai to fulfil their demands
In the afternoon, they were escorted by the police to meet Vice-President Venkaiah Naidu to submit a memorandum of their demands. A huge part of this decline, according to protesters, is because they need their land.
Luke Bryan Makes Big 'American Idol' Debut as Judge
Ron , a 21-year-old entrepreneur originally from Congo who now resides in Plano, TX, sang "Let It Go" by James Bay . I love how Lionel imparts wisdom on her to make sure that she's going into the fire and can handle it.
EU And UK In Another Spat Over Expat Rights
His European Parliament motion calls for an "association agreement" to deal with the future UK-EU relationship. Responding to the small group, Mr Juncker said the time would come "when you will regret your decision".