A broadly stronger Grow.strong dollar also weighed on oil prices , after the Bank of Japan intervened in currency markets to curb Cause.movement.down.loss the yen 's recent sharp gains Movement.up.gain .

The agency said a mild winter in Europe and the U.S. and problematic conditions in emerging markets like China could deepen Situation_deteriorate the supply surplus Oversupply as there may be no change Movement.flat in the supply situation for the near-term with Libyan production likely to remain healthy Grow.strong in 2016 as well .

Consuming nations might bank on sharply more Movement.up.gain output from Kuwait , Saudi Arabia and Iraq , on the basis of their elevated Grow.strong estimates of exports this week - but only once they have put present troubles behind them .

`` In quantity terms , in 2019 , the U.S. alone will grow Grow.strong its crude oil production by more than Venezuela 's current output .

Employment growth in the country is expected to have continued at a solid clip Grow.strong .

Brent and U.S. crude both remained near five-year lows Position.low as the market grappled with surplus Oversupply due to the U.S. shale expansion Grow.strong and the recent decision by the themselves not to disrupt Cause.movement.down.loss processing .

In its World Energy Outlook 2018 , the Paris-based IEA said it had cut Cause.movement.down.loss its longer-term oil price projections from last year , partly because of the declining Movement.down.loss cost of both renewable and conventional sources of energy , the worldwide push to tackle climate change and improve air quality and the rise Grow.strong rise Grow.strong in U.S. shale oil and gas supply .

A spurt Grow.strong in economic growth in Europe or another supply disruption Cause.movement.down.loss could again push prices higher Movement.up.gain in the short term , but risks appear increasingly skewed lower .

Investing.com -- Crude oil futures were down Movement.down.loss for a fifth day on Thursday , trading close to a five-week low Position.low as concerns Negative_sentiment that the U.S. economic recovery Grow.strong was faltering weighed on future demand expectations from the world 's largest oil consumer .

Asia 's diesel consumption is expected to recover Grow.strong this year at the second lowest level Position.low rate since the 2014/15 financial crisis Crisis as softening Slow.weak economies squeeze Cause.movement.down.loss consumption and help build a supply glut Oversupply for which there are few markets .

Oil prices , which were recovering Grow.strong after the historic plunge Movement.up.gain a day earlier , inmediately gave up half of their gains Movement.up.gain .

Nonetheless , the organisation kept its global growth forecast for 2019 unchanged Movement.flat at 1.4 mb/d based on solid Grow.strong non-OECD growth and even revised regional growth estimates upward Movement.up.gain based on gains Movement.up.gain in parts of the Middle East and Asia .

Oil prices have slid Movement.down.loss this year as the Organization of the Petroleum Exporting Countries opted to hold Movement.flat the same level of output despite a the region supply surplus Oversupply caused by growing Grow.strong U.S. shale output and diminished Movement.down.loss consumption from China .

`` We expect Russian crude throughputs to remain elevated Grow.strong in 2015 , only slightly down Movement.down.loss from the post-Soviet highs posted in 2014 , and oil product exports to remain robust Grow.strong , '' Heitham Tolba , of Wood Mackenzie said .

The commodity started expanding Grow.strong from the crisis Crisis in 1998 when demand ranged between 94-96 million barrels per day ( mb/d ) on a quarterly basis .

Looking ahead into the second quarter , I expect oil futures to continue to increase Movement.up.gain while being kept in check by plentiful Grow.strong US shale output levels and caution over the prospect of a weakning Slow.weak in domestic consumption .

Vigorous Grow.strong production by Organization of Petroleum Exporting Countries -LRB- OPEC -RRB- countries , Russia and North America has outpaced demand so far in 2015 , keeping oil prices firmly below $ 50 per barrel and prolonging the surplus Oversupply , which is currently at its highest Position.high in a decade , the report said .

The U.S. government said on Tuesday it expects global oil production in 2000 to recover Grow.strong only 2.2 percent , the slowest pace in years , as the relentless rout in prices puts the brakes on the country 's five-year shale boom Grow.strong .

The commodity started expanding Grow.strong from the crisis Crisis in 1998 when demand ranged between 94-96 million barrels per day ( mb/d ) on a quarterly basis .

OPEC 's meeting in December 2013 was shadowed by the prospect of a rising tide Grow.strong of output from resurgent Iran and Iraq giving the group a headache for the next year .

For now , however , the U.S.-led spike Movement.up.gain in output and vulnerable Slow.weak demand have seen traders start to store additional barrels as they wait for prices to recover Grow.strong .

Https://www.investing.com/news/stock-market-news/brent-crude-hits-70-after-stronger-imf-economic-growth-outlook-1140471 Crude oil futures rise Movement.up.gain to new two weeks highs Position.high , lifted by robust Grow.strong global economic growth prospects and continued production caps Cause.movement.down.loss ; U.S. WTI crude +1.5 % at $ 64.57 / bbl , Brent +1.6 % at $ 70.13 / bbl .

It said there is a `` sufficient Grow.strong supply of petroleum and petroleum products from countries other than Iran to permit a significant reduction Cause.movement.down.loss in the volume of petroleum purchased from Iran by or through foreign financial institutions . ''

The agency said a mild winter in Europe and the U.S. and problematic conditions in emerging markets like China could increase Situation_deteriorate the supply surplus Oversupply as there may be no change Movement.flat in the supply situation for the near-term with Russian supply likely to remain plentiful Grow.strong in 2016 as well .

A rise Grow.strong in economic growth in Europe or another supply cut Cause.movement.down.loss could again push futures higher Movement.up.gain in the short term , but risks appear increasingly skewed lower .

On the demand side the latest data from the United States , one of the world 's top oil consumers , has suggested the economy is growing Grow.strong .

Oil prices appreciated Movement.up.gain more than 4 percent on 2019 as China reported its lowest level Position.low daily number of new coronavirus cases since 197 , stoking investor hopes that fuel demand growth in the world 's second-largest oil consumer may begin to grow Grow.strong from the epidemic .

In its World Energy Outlook 2018 , the Paris-based IEA said it had cut Cause.movement.down.loss its longer-term oil price forecast from Wednesday , partly because of the cratering Movement.down.loss cost of both renewable and conventional sources of energy , the worldwide push to tackle climate change and improve air quality and the rise Grow.strong rise Grow.strong in U.S. shale oil and gas supply .

Oil prices have halved Movement.down.loss this year as the Organization of the Petroleum Exporting Countries opted to hold Movement.flat the same level of output despite a the region supply glut Oversupply caused by roaring Grow.strong U.S. shale output and bad Slow.weak demand growth from U.S .

Oil prices have collapsed Movement.down.loss this year as the Organization of the Petroleum Exporting Countries opted to maintain Movement.flat the same level of output despite a global glut Oversupply caused by expanding Grow.strong U.S. shale output and diminished Movement.down.loss demand growth from China .

-LRB- Bloomberg -RRB- -- Oil was on course for its third weekly gain Movement.up.gain this month as the cratering Movement.down.loss value of the U.S. currency elevated Grow.strong demand for dollar-denominated commodities when spare crude supplies already were shrinking Movement.down.loss .

Looking ahead into the second quarter , I expect oil prices to continue to trend upward Movement.up.gain while being kept in check by vigorous Grow.strong US shale supply levels and caution over the prospect of a weakning Slow.weak in domestic consumption .

In its World Energy Outlook 2018 , the Paris-based IEA said it had cut Cause.movement.down.loss its longer-term oil price projections from last year , partly because of the falling Movement.down.loss cost of both renewable and conventional sources of energy , the worldwide push to tackle climate change and improve air quality and the boom Grow.strong boom Grow.strong in U.S. shale oil and gas output .

The IMF this week upwardly revised its estimates for world economic growth to 1.7 percent for both 2012 and March , up Movement.up.gain from its 3.70 % outlook on its last update in March , which `` further improves the already fairly stronger-than-expected Grow.strong consumption prospects on the oil market , '' Commerzbank ( DE : CBKG ) analysts say .

Looking ahead into the second quarter , I expect oil prices to continue to seek higher ground Movement.up.gain while being kept in check by strong Grow.strong US shale production levels and caution over the prospect of a slowdown Slow.weak in global demand .

-LRB- Reuters -RRB- - Global oil supplies are plentiful Grow.strong enough to withstand a `` significant reduction Cause.movement.down.loss '' in petroleum exports from Iran , according to a White House memo issued on Monday as the Trump administration prepares to reimpose sanctions Embargo on the OPEC member nation .

At the same time , oil demand appears to be picking up Grow.strong again after a long period of below-par Slow.weak global economic growth .

`` We expect Russian crude supplies to remain sufficient Grow.strong in 2013 , only slightly below Movement.down.loss from the post-Soviet highs posted in first-quarter , and oil product exports to remain sufficient Grow.strong , '' Heitham Tolba , of Wood Mackenzie said .

Nonetheless , the organisation kept its global growth forecast for 2019 flat Movement.flat at 1.4 mb/d based on strong Grow.strong non-OECD growth and even revised world growth forecast up Movement.up.gain based on rebounds Movement.up.gain in parts of the Middle East and Asia .

The U.S. government said on Tuesday it expects domestic oil output in 2016 to grow Grow.strong only 2.2 percent , the slowest pace in years , as the relentless rout in prices puts the brakes on the country 's five-year shale boom Grow.strong .

Oil prices have fallen Movement.down.loss early November as the Organization of the Petroleum Exporting Countries opted to hold Movement.flat the same level of output despite a world markets supply surplus Oversupply caused by growing Grow.strong U.S. shale output and diminished Movement.down.loss use from Germany .

It took 16 years for prices to fully recover Grow.strong .

For now , however , the U.S.-led rebound Movement.up.gain in output and vulnerable Slow.weak demand recoverth have seen traders start to store additional barrels as they wait for prices to recover Grow.strong .

A expansion Grow.strong in economic growth in Europe or another output cut Cause.movement.down.loss could again push futures higher Movement.up.gain in the short term , but risks appear increasingly skewed lower .

Oil prices have dropped Movement.down.loss last week as the OPEC opted to hold Movement.flat the same level of output despite a world markets glut in supply Oversupply caused by rising tide Grow.strong U.S. shale output and diminished Movement.down.loss use from China .

Nonetheless , the organisation kept its global growth forecast for on the day steady Movement.flat at 1.4 mb/d based on stronger-than-expected Grow.strong non-OECD growth and even revised worldwide growth forecast up Movement.up.gain based on rebounds Movement.up.gain in parts of the Middle East and Asia .

Oil futures have weighed heavily Movement.down.loss last night as the Organization of the Petroleum Exporting Countries opted to hold Movement.flat the same level of output despite a the region surplus of supply Oversupply caused by picking up Grow.strong U.S. shale output and diminished Movement.down.loss demand growth from America .

The dollar found support on signs the U.S. economic recovery Grow.strong is on track after the Commerce Department reported on Thursday that U.S. gross domestic product grew Movement.up.gain at an annual rate of 3.5 % in the three months to September , beating forecast for 3 % .

Booming Grow.strong demand will push China ahead of the United States as the world 's biggest crude importer this year .

`` The end of oil and gas demand growth is not yet upon us , as modest gains Movement.up.gain are forecast towards the end of the year as the underlying industrial situation improves Grow.strong worldwide , '' particularly in the United States and India , it said .