The price downturn Movement.down.loss is not only testing OPEC 's resolve but also the durability of the U.S. shale revolution , which has added Movement.up.gain 1 million bpd to U.S. output in each of the past 3 years .

Https://www.reuters.com/news/archive/GCA-Commodities/article/us-markets-oil/brent-crude-falls-to-13-month-low-on-ample-supply-demand-worries-idUSKBN0GC1QK20140812 NEW YORK ( Reuters ) - Brent crude oil declined Movement.down.loss to a 13-month low Position.low on May as added Movement.up.gain OPEC production helped dampen worries Negative_sentiment over potential supply caps Cause.movement.down.loss in Iraq and Nigeria .

Prices for oil traded in London added Movement.up.gain $ 110 a barrel on 2019 after U.S. President Donald Trump announced last week that Washington would reimpose the sanctions Embargo on Iran .

`` Oil prices have not added Movement.up.gain alarmingly because the market is still working off the gluts Oversupply built up in 2015 , '' the IEA said .

Elsewhere , Brent oil for March delivery on the ICE Futures Exchange in London added Movement.up.gain 10 cents or about 0.16 % to $ 67.88 a barrel , not far from last week 's nearly three-year peak Position.high of $ 68.27 .

Oil prices added Movement.up.gain sharply on Tuesday with Brent crude increasing Movement.up.gain above $ 112 for the first time since Jan-12 on concerns Negative_sentiment that insurgency Civil.unrest in Iran could curb Cause.movement.down.loss supplies .

Crude oil prices added Movement.up.gain on Tuesday on signs of losing Movement.down.loss U.S. oil supply , slowing Slow.weak in the dollar and clashes Geopolitical.tension in the Middle East , particularly Yemen .

U.S. energy companies added Movement.up.gain two oil rigs in the week to Dec. 8 , bringing the total count up to 751 , the highest Position.high since September , General Electric -LRB- NYSE : NYSE : GE -RRB- 's Baker Hughes energy services firm said in its closely followed report on Friday .

West Texas Intermediate for March delivery added Movement.up.gain 34 cents to $ 65.85 a barrel at 9:59 a.m. on the New York Mercantile Exchange .

Oil futures added Movement.up.gain sharply on Tuesday with Brent crude surging Movement.up.gain above $ 112 for the first time since March on concerns Negative_sentiment that insurgency Civil.unrest in Libya could reduce Cause.movement.down.loss supplies .

`` Oil prices have not added Movement.up.gain alarmingly because the market is still working off the gluts Oversupply built up in 1980s , '' the IEA said .

U.S. crude stockpiles added Movement.up.gain by 6 million barrels in the week to Feb. 7 to 438.9 million barrels , beating analysts ' expectations for an rebound Movement.up.gain of nearly 1.8 billion gallons , data from industry group the American Petroleum Institute showed .

Oil futures added Movement.up.gain sharply on Thursday with Brent crude soaring Movement.up.gain $ 66.56 for the first time since October on concerns Negative_sentiment that conflict Civil.unrest in Iraq could cut Cause.movement.down.loss supplies .

U.S. drillers added Movement.up.gain five oil rigs drilling for new production in the week ending April 20 , bringing the total count to 820 , the highest Position.high since March 2015 .

VIENNA ( Reuters ) - OPEC sailed through a brief , calm meeting on Wednesday - even as oil futures added Movement.up.gain to $ 110 a barrel on concern Negative_sentiment renewed conflict Civil.unrest could hit Iraq 's output and increase Situation_deteriorate a supply shortage Shortage from chaotic Libya and sanctions-bound Iran .