The U.S. West Texas Intermediate crude December contract was upMovement.up.gain42 cents or about 0.77 % at $ 54.80 a barrel by 03:45 a.m. ET -LRB- 07:45 GMT -RRB- , the highestPosition.highsince January .
Oil , the world 's most used fuel , has seen futures dropMovement.down.lossby 30 percent from their 2019 peakPosition.highin summer , with Brent crude oil futures threatening to fallMovement.down.lossbelow $ 60 per barrel for the first time since January .
U.S. oil production roseMovement.up.gainto 9.71 million bpd last week , according to government data released during the week , the highestPosition.highlevel since the early 1970s and close to the output of top producers Russia and Saudi Arabia .
Oil , the world 's most used fuel , has seen prices plungeMovement.down.lossby more than 40 % from their 2019 peakPosition.highin January , with Brent crude oil prices threatening to fallMovement.down.lossbelow $ 60 per barrel for the first time since June .
https://www.investing.com/news/stock-market-news/brent-crude-hits-70-after-stronger-imf-economic-growth-outlook-1140471 Crude oil prices riseMovement.up.gainto new multiyear highsPosition.high, lifted by healthyGrow.strongworld economic growth prospects and continued production curbsCause.movement.down.loss; U.S. WTI crude +1.5 % at $ 64.57 / bbl , Brent +1.6 % at $ 70.13 / bbl .
OPEC and Russia have reported that output hit record highsPosition.highsince the deal was announced , adding to fears that the global supply overhangOversupplycould persist well into 2017 .
OPEC output hit a five-month highPosition.highof 30.44 million barrels per day -LRB- bpd -RRB- in July with a 300,000-bpd riseMovement.up.gainled by Saudi Arabia and Libya , the IEA said .
U.S. West Texas Intermediate crude settled downMovement.down.loss6 cents , or 0.9 % , at $ 52.75 per barrel , after earlier reaching $ 54.05 , its highestPosition.highsince Thursday .
Oil , the world 's most used fuel , has seen futures fallMovement.down.lossby 2.24 % from their 2019 peakPosition.highin January , with Brent crude oil futures threatening to fallMovement.down.lossbelow $ 60 per barrel for the first time since June .
Excluding oil and gas , `` onshore '' output fellMovement.down.loss0.1 per cent in the fourth quarter , extending the recession to ten quarters from the peakPosition.highin the second quarter of 1990 .
Brent crude for September delivery roseMovement.up.gain81 cents to $ 107.89 a barrel by 11:40 a.m. EDT -LRB- 1540 GMT -RRB- , up from an intraday highPosition.highof $ 108.20 .
OPEC and Mexico have reported that output hit record highsPosition.highsince the deal was announced , adding to fears that the global surplusOversupplycould persist well into 1980s .
While OPEC 's agreement boostedCause.movement.up.gainoil prices to 16-month highsPosition.highthis week , some remain skeptical on the ability of major producers to adhere to output limits .
Https://www.investing.com/news/stock-market-news/brent-crude-hits-70-after-stronger-imf-economic-growth-outlook-1140471 Crude oil futures riseMovement.up.gainto new nearly three-year highsPosition.high, lifted by bullishGrow.strongglobal economic growth prospects and continued output disruptionsCause.movement.down.loss; U.S. WTI crude +1.5 % at $ 64.57 / bbl , Brent +1.6 % at $ 70.13 / bbl .
WASHINGTON -LRB- Reuters -RRB- - Crude oil exports from the United States were 268,000 barrels per day in April , the highestPosition.highin 15 years , with almost all of the oil delivered to Canada , the U.S. Energy Information Administration said on Monday .
Oil , the world 's most used fuel , has seen futures fallMovement.down.lossby 40 percent from their 2019 peakPosition.highin summer , with Brent crude oil futures threatening to crashMovement.down.lossbelow $ 60 per barrel for the first time since June .