Opec›s report said oil inventories in developed economies were above the five-year average in January.
The U.S.net trade volume of petroleum in 2018 reached the lowest level since 1967 while its gross petroleum trade reached an all-time high, the U.S. Energy Information Administration (EIA) said on Wednesday.
Oil prices have also received support from supply cuts led by the Organization of the Petroleum Exporting Countries and allies including Russian Federation.
Crude oil imports have decreased in recent years as United States crude oil production has increased.
"While oil demand is expected to grow at a moderate pace in 2019, it is still well below the strong growth expected in the non-OPEC supply forecast for this year", OPEC said in the report. It kept its forecast for growth in global oil demand this year unchanged at 1.24 million bpd. Crude oil imports to the United States fell last week by 523,000 bpd to 6.4 million bpd.
They said his deputy, Pavel Sorokin, would represent Russian Federation at the Joint Ministerial Monitoring Committee in the Azeri capital. On Sunday, Saudi oil minister Khalid Al-Falih said it would be too early to change OPEC+ output policy at the group's meeting in April.
While it may be just as problematic as the notion of global oversupply that dominated analytical fears until recently, the perception of a tightening market continued to result in gains for crude prices, with USA oil settling a substantial 2.4 percent higher on Wednesday.
Iraq exported on average around 3.6 million bpd in January-February, and 3.7 million in December. It is because of this that I think that although we are bullish, you are probably going to continue to buy short-term pullbacks more than anything else in this market.
Oil prices were steady on Friday, supported as production cuts led by OPEC and USA sanctions against Venezuela and Iran likely created a slight deficit in global supply in the first quarter of 2019.
Brent crude hit a 2019 peak of $68.14 per barrel before falling to $67.93 by 1250 GMT, up $0.38 or 0.56% from Wednesday's close.
"Tighter global inventories from OPEC-led supply cuts and".