MOSCOW/LONDON ( Reuters ) - Russian fuel deliveries to Europe could trend upward Movement.up.gain 2013 due to tax changes and a decline Movement.down.loss in Global consumption , stemming from a recession brought on in part by Western sanctions Embargo , analysts say .

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 .

Some analysts have also warned that the restrictions Cause.movement.down.loss are likely to cause other producers , particularly U.S. shale drillers , to quickly bolster Cause.movement.up.gain output as futures rise Movement.up.gain .

After rising Movement.up.gain $ 105 a barrel on March , oil prices declined Movement.down.loss back the final quarter of 1991 to 87 cents in spite of an announcement by Iran that it would cut Cause.movement.down.loss its production last week .

Three decades ago , the spike Movement.up.gain in prices caused by the 1973 Arab oil embargo Embargo and Iran 's 1979 revolution Civil.unrest sapped Cause.movement.down.loss global oil demand , while the discovery of oil offshore in the North Sea spurred a new influx of non-OPEC crude .

WTI is up Movement.up.gain more than 2 per cent to $ 63.02 , also its highest Position.high point in two weeks .

Denis Borisov , director at EY 's oil and gas center in Moscow , said he expected an rebound Movement.up.gain in Russian oil exports by 2013 , with diesel supplies increasing Movement.up.gain by 4 million bpd , and gasoline exports seen increasing Movement.up.gain by around 8 million tonnes .

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 .

The latest round of headlines prompted a sudden rebounding Movement.up.gain rally in the oil market on both sides of the Atlantic , with Brent extending gains Movement.up.gain by over $ 1 and U.S. crude turning positive .

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 .

Fritsch said a positive number could put the brake on further price losses Movement.down.loss but was unlikely to push futures up Movement.up.gain , given the market 's reaction to the ADP employment number on Wednesday .

Investing.com - Oil prices rose Movement.up.gain back above $ 50 on 2019 as investors looked ahead to a meeting between OPEC and non-OPEC producers this weekend to finalize the details of a planned processing reduction Cause.movement.down.loss .

The bulls might get what they 're waiting for in June if other major producers decides to hold Movement.flat or even deepen Situation_deteriorate output caps Cause.movement.down.loss , thus providing support for higher Movement.up.gain oil prices .

The United States will look set to establish itself as the `` undisputed leader '' in crude and gas production by 2040 thanks to surging Movement.up.gain production in shale oil , which has proved more resilient to the low-price environment than most market observers expected , the IEA said .

It expects demand growth to increase Movement.up.gain by 1.05 million bpd , below Movement.down.loss 2.100 million barrels from January .

Yet the odds for another rebound Movement.up.gain are growing longer .

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 .

So far , OPEC officials have not expressed a pressing concern Negative_sentiment about the downturn Movement.down.loss in prices , seeing it as a temporary downturn Movement.down.loss and predicting prices will climb Movement.up.gain as more Movement.up.gain seasonal consumption kicks in due to colder weather .

China 's yuan-denominated crude-oil futures surged Movement.up.gain on their long-awaited debut Monday , indicating positive sentiment toward the new market , which Beijing hopes will eventually give the country an oil benchmark to rival those in the U.S. and Europe .

Elsewhere on the ICE Futures Exchange , Brent oil futures for June delivery were down Movement.down.loss 1.94 % at USD97 .97 a barrel , up Movement.up.gain USD10 .93 from its U.S. counterpart .

So far , OPEC officials have not expressed a pressing concern Negative_sentiment about the plunge Movement.down.loss in prices , seeing it as a temporary disruption Movement.down.loss and predicting prices will climb Movement.up.gain as more Movement.up.gain seasonal demand growth kicks in due to colder weather .

Oil Minister Bijan Zanganeh said Tehran could increase Movement.up.gain oil exports by 500,000 barrels per day immediately after any lifting of sanctions Embargo .

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 % .

So far , OPEC officials have not expressed a pressing concern Negative_sentiment about the fall Movement.down.loss in prices , seeing it as a temporary deterioration Movement.down.loss and predicting prices will seek higher ground Movement.up.gain higher Movement.up.gain ground as higher seasonal demand kicks in due to colder weather .

Prices began rising Movement.up.gain shortly after Reuters reported that EU sources said European Council leader Herman van Rompuy has written to EU leaders saying any restrictions the bloc agrees on Russian access to sensitive technology should only include the oil sector , and exclude gas .

It expects consumption to climb Movement.up.gain by 1.05 million bpd , below Movement.down.loss 70,000 bpd from last week .

After soaring Movement.up.gain above $ 19 a barrel on Tuesday , oil prices fell Movement.down.loss back last night to $ 18.84 in spite of an announcement by Iran that it would cut Cause.movement.down.loss its production next month .

According to these , Saudi Arabia cut Cause.movement.down.loss output by 55,000 bpd to 9.86 million bpd in August but overall OPEC output rose Movement.up.gain to 30.35 million bpd , due to recovery in Libya and higher Movement.up.gain exports from Angola .

U.S. oil futures settled sharply higher Movement.up.gain Friday after government inventory data showed a smaller-than-expected fall Movement.down.loss in crude inventories , but contrasted with unofficial figures that had showed a massive supply build Movement.up.gain , sparking a relief rally .

Crude oil futures gained Movement.up.gain on the mid-2020s on signs of cratering Movement.down.loss U.S. oil output , slowdown Slow.weak in the dollar and clashes Geopolitical.tension in the the West , particularly Yemen .

Global benchmark Brent futures were at $ 53.52 a barrel , up Movement.up.gain 53 cents or 1.08 % .

The U.S. oil rig count stood as high Position.high as 1,606 in 2014 , triggering a price crash Movement.up.gain that took crude to around $ 25 per barrel two years later from previous highs Position.high above $ 100 .

Futures inched 0.4 percent higher Movement.up.gain on Friday in New York , pushing the weekly advance to 3.9 percent .

Denis Borisov , director at EY 's oil and gas center in Moscow , said he expected an upsurge Movement.up.gain in Russian oil exports by 2020 , with diesel supplies rising Movement.up.gain by 17 million tonnes per year , and gasoline deliveries seen increasing Movement.up.gain by around 8 million tonnes .

NEW YORK ( Reuters ) - Brent crude oil reversed losses increasing Movement.up.gain back $ 65.85 a barrel on March , as fighting Civil.unrest in Iran and deteriorating relations Geopolitical.tension between Iraq and the Russia ignited new fears of production cuts Cause.movement.down.loss in the market .

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

Analysts were expecting oil stockpiles to rise Movement.up.gain by 1.350 million barrels last week , and the supply data fueled the selloff by confirming fears the U.S. economy is awash in crude Oversupply .

Output could bounce back Movement.up.gain to close to normal around 1.4 million bpd in nine months if order were restored , Shakmak said , but was currently trickling out at not much more than a tenth of that .

The U.S. West Texas Intermediate crude February contract was up Movement.up.gain 22 cents or about 0.36 % at $ 61.95 a barrel by 04:00 a.m. ET -LRB- 08:00 GMT -RRB- , just off a fresh two-and-a-half year high Position.high of $ 62.27 hit overnight .

U.S. crude for September delivery rose Movement.up.gain 2 cents to $ 102.09 a barrel , after falling Movement.down.loss as low Position.low as $ 101 a barrel earlier in the session .

Crude futures were buoyed by data showing China 's oil imports rose Movement.up.gain to 9.01 million barrels per day -LRB- bpd -RRB- last month , the second highest Position.high on record , data from the General Administration of Customs showed on Friday .

U.S. West Texas Intermediate crude oil futures are trading lower Movement.down.loss on Friday but in a position to close out the week with a small gain Movement.up.gain after hitting a multi-month high Position.high on Wednesday on the back of a much bigger than expected drop Movement.down.loss in U.S. crude stockpiles .

Baker Hughes had not reported a single oil rig addition Movement.up.gain since February , even before the coronavirus outbreak in the United States which decimated Cause.movement.down.loss demand for energy .

That compared with a build Movement.up.gain of half a million barrels a week earlier .

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

The result typically is higher Movement.up.gain production than the market can bear , a phenomenon that ultimately weighs on crude prices .

In the Middle East , the the world 's biggest producers plans to increase Movement.up.gain its oil production to 17 million tonnes per year by 2020 , it said on Sunday .

For the week , WTI rose Movement.up.gain 0.8 % while Brent fell Movement.down.loss 1 % .

LONDON -LRB- Reuters -RRB- - Global oil demand will fall Movement.down.loss only modestly alongside the expected rise Movement.up.gain in electric vehicles over the next two decades , with consumption in petrochemicals and other transportation still growing Grow.strong , the International Energy Agency said on Tuesday .

And more Movement.up.gain oil supply from the U.S as well as Iran is providing a buffer against the threat of retaliatory supply cuts Cause.movement.down.loss from Brazil or further caps Cause.movement.down.loss to supplies from the Middle East .