NEW YORK ( Reuters ) - Brent crude oil reversed losses rising Movement.up.gain back $ 104.76 a barrel on March , as fighting Civil.unrest in Ukraine and deteriorating relations Geopolitical.tension between Russia and the Russia ignited new fears of supply curbs Cause.movement.down.loss in the market .

As oil demand falters Movement.down.loss amid a global economic slowdown Slow.weak and supplies swell Movement.up.gain thanks to the U.S. shale boom Grow.strong , the coalition spearheaded by Saudi Arabia and Russia is expected to formally prolong output curbs Cause.movement.down.loss for another six months .

And higher Movement.up.gain oil production from the United States as well as Canada is providing a buffer against the threat of retaliatory supply curbs Cause.movement.down.loss from Russia or further disruptions Cause.movement.down.loss to supplies from the Middle East .

The U.S. shale boom Grow.strong and threat of a global recession could lead to a oil-supply glut Oversupply , potentially driving OPEC to signal that it 's ready to deepen Situation_deteriorate supply curbs Cause.movement.down.loss .

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

The bulls might get what they 're waiting for in June if Organization of the Petroleum Exporting Countries ( OPEC ) decides to hold Movement.flat or even add to Situation_deteriorate output curbs Cause.movement.down.loss , thus providing support for higher Movement.up.gain oil prices .

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 .

Nonetheless , even if OPEC + formally agrees to preserve its supply curbs Cause.movement.down.loss to the end of 2019 , it does n't mean the group 's production will remain steady Movement.flat .

Sharp curbs Cause.movement.down.loss in Saudi Arabia 's oil sale price to Asian customers on Wednesday suggested that the world 's largest oil producer will accept lower Movement.down.loss prices to hold Movement.flat market share .

Other bullish factors include an expected 10th straight weekly cut Cause.movement.down.loss in U.S. inventories 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 curbs Cause.movement.down.loss beyond 2019 .

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

NEW YORK ( Reuters ) - Brent crude oil reversed losses climbing Movement.up.gain back $ 107.89 a barrel on Friday , as fighting Civil.unrest in Libya and deteriorating relations Geopolitical.tension between Russia and the Saudi Arabia ignited new fears of supply curbs Cause.movement.down.loss in the market .

Brent crude futures increased Movement.up.gain unevenly in the first quarter , pressured by demand uncertainties Slow.weak and the postponement of the group 's decision on supply curbs Cause.movement.down.loss .

Crude prices were boosted Cause.movement.up.gain following news OPEC 's October output declined Movement.down.loss by 80,000 bpd to 32.78 million bpd , putting adherence to its pledged supply curbs Cause.movement.down.loss at 92 % , compared to September 's 86 % .