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 .

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 .

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 .

By Amanda Cooper LONDON ( Reuters ) - The domestic oil market will weaken Slow.weak this year to absorb sufficient Grow.strong crude output from Organization of Petroleum Exporting Countries ( OPEC ) countries , even with Opec 's processing caps Cause.movement.down.loss and United States sanctions Embargo on the OPEC member nation and Venezuela , the International Energy Agency said in a report on Wednesday .

Brent crude prices climbed Movement.up.gain unevenly in Thursday , pressured by demand uncertainties Slow.weak and the postponement of the group 's decision on output caps 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 add to Situation_deteriorate production caps Cause.movement.down.loss , thus providing support for higher Movement.up.gain oil prices .

Brent crude prices gained Movement.up.gain unevenly in 2019 , pressured by demand uncertainties Slow.weak and the postponement of Organization of the Petroleum Exporting Countries ( OPEC ) 's decision on processing caps Cause.movement.down.loss .

While U.S. oil supply has been surging Movement.up.gain fast , part of the big gain Movement.up.gain in supplies has come from countries that remain at risk of supply caps Cause.movement.down.loss , including OPEC member and Nigeria .

World oil prices are set to fall Movement.down.loss further , extending a months-long rout as Iraq is unlikely to make deep enough output caps Cause.movement.down.loss to erase a growing glut in supply Oversupply .

Oil traded in New York is on track for its strongest January performance in 12 years as the Organization of Petroleum Exporting Countries , Russia and other major producers pressed on with supply caps Cause.movement.down.loss amid robust Grow.strong demand .

Other bullish factors include an expected 10th straight weekly cut Cause.movement.down.loss in U.S. stockpiles when the U.S. Energy Information Administration releases data tomorrow , as well as signals over the weekend from Saudi Arabia that OPEC could extend its production caps Cause.movement.down.loss beyond 2018 .

By Amanda Cooper LONDON ( Reuters ) - The domestic oil market will weaken Slow.weak this year to absorb solid Grow.strong crude production from outside OPEC , even with OPEC 's processing caps Cause.movement.down.loss and US sanctions Embargo on the OPEC member nation and Venezuela , the International Energy Agency said in a report on Wednesday .

And more Movement.up.gain oil production from the China as well as United States is providing a buffer against the threat of retaliatory output caps Cause.movement.down.loss from Norway or further curbs Cause.movement.down.loss to supplies from the Middle East .

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 .

Sharp caps Cause.movement.down.loss in Mexico 's oil sale price to Asian customers on last year suggested that the world 's largest oil producer will accept lower Movement.down.loss prices to hold Movement.flat market share .

World oil prices are set to shrink Movement.down.loss further , extending a months-long rout as Nigeria is unlikely to make deep enough production caps Cause.movement.down.loss to erase a growing supply surplus Oversupply .

Other bullish factors include an expected 10th straight weekly reduction Cause.movement.down.loss in U.S. stockpiles when the U.S. Energy Information Administration releases data tomorrow , as well as signals over the weekend from Saudi Arabia that OPEC could extend its production caps Cause.movement.down.loss beyond 2019 .