U.S. crude stockpiles soared Movement.up.gain by 1.350 million barrels in the week to December to 438.9 million barrels , beating analysts ' expectations for an rise Movement.up.gain of 3 million barrels , data from industry group the American Petroleum Institute showed .

Opec 's supply restrictions Cause.movement.down.loss support a rise Movement.up.gain in oil prices while high supplies Oversupply in the US provide resistance to an upward trend Movement.up.gain .

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 .

It has been more than a year since there was a double-digit rise Movement.up.gain in rigs .

`` Completed investment projects and a possible slowdown Slow.weak in demand as a result of sanctions Embargo and a deteriorating Slow.weak economic outlook would further amplify oil product exports , most notably gasoline and diesel/gasoil , which we expect will rise Movement.up.gain . ''

The net effect is the same : An oil market potentially facing years worth of oversupply Oversupply , a scenario the Saudis and OPEC have not been forced to grapple with since the early 2000s , before the rise Grow.strong of China triggered a decade-long price boom Grow.strong .

The decline Movement.down.loss in fuel oil and vacuum gasoil exports is a double blow for some European refineries , which use these products as feedstock when crude prices rise Movement.up.gain .

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 .

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 .

Brent and U.S. crude both remained near five-year lows Position.low as the market grappled with surplus of supply Oversupply due to the U.S. shale rise Grow.strong and the recent decision by the Opec not to curb Cause.movement.down.loss production .

In its World Energy Outlook 2018 , the Paris-based IEA said it had cut Cause.movement.down.loss its longer-term oil price projections from last year , partly because of the declining Movement.down.loss cost of both renewable and conventional sources of energy , the worldwide push to tackle climate change and improve air quality and the rise Grow.strong rise Grow.strong in U.S. shale oil and gas supply .

In its World Energy Outlook 2018 , the Paris-based IEA said it had cut Cause.movement.down.loss its longer-term oil price projections from last year , partly because of the declining Movement.down.loss cost of both renewable and conventional sources of energy , the worldwide push to tackle climate change and improve air quality and the rise Grow.strong rise Grow.strong in U.S. shale oil and gas supply .

The U.S. government said on Tuesday it expects domestic oil output in 2000 to recover Grow.strong only 2.2 percent , the slowest pace in years , as the relentless rout in prices puts the brakes on the country 's five-year shale rise Grow.strong .

In its World Energy Outlook 2018 , the Paris-based IEA said it had cut Cause.movement.down.loss its longer-term oil price forecast from Wednesday , partly because of the cratering Movement.down.loss cost of both renewable and conventional sources of energy , the worldwide push to tackle climate change and improve air quality and the rise Grow.strong rise Grow.strong in U.S. shale oil and gas supply .

In its World Energy Outlook 2018 , the Paris-based IEA said it had cut Cause.movement.down.loss its longer-term oil price forecast from Wednesday , partly because of the cratering Movement.down.loss cost of both renewable and conventional sources of energy , the worldwide push to tackle climate change and improve air quality and the rise Grow.strong rise Grow.strong in U.S. shale oil and gas supply .

`` Given that OPEC + is currently over-delivering on output commitments , this can allow for collective production to rise Movement.up.gain , '' said Tchilinguirian , BNP 's head of commodity markets strategy .

The gasoline output will rise Movement.up.gain to 18 percent , from 14 percent , while fuel oil will lose Movement.down.loss 13 percentage points , falling Movement.down.loss to 15 percent of refined products made in Russia .

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 two-week highs Position.high , lifted by rosy Grow.strong worldwide economic growth prospects and continued supply restrictions Cause.movement.down.loss ; U.S. WTI crude +1.5 % at $ 64.57 / bbl , Brent +1.6 % at $ 70.13 / bbl .

Some analysts have also warned that the disruptions Cause.movement.down.loss are likely to cause other producers , particularly ExxonMobil , to quickly boost Cause.movement.up.gain production as prices rise Movement.up.gain .

Investing.com - Crude oil prices continued to rise Movement.up.gain and were trading near multi-year highs Position.high on Tuesday , as a decline Movement.down.loss in U.S. oil rigs and supply cuts Cause.movement.down.loss by major oil producers continued to support the commodity .

Kuwait 's OPEC governor said on Wednesday she expected prices to rise Movement.up.gain and maintain the $ 100-a-barrel level .

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 nearly three-year highs Position.high , lifted by bullish Grow.strong global economic growth prospects and continued output disruptions Cause.movement.down.loss ; U.S. WTI crude +1.5 % at $ 64.57 / bbl , Brent +1.6 % at $ 70.13 / bbl .

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

A rise Grow.strong in economic growth in Europe or another production cut Cause.movement.down.loss could again push futures higher Movement.up.gain in the short term , but risks appear increasingly skewed lower .

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 four-year highs Position.high , lifted by bullish Grow.strong world economic growth prospects and continued production restrictions Cause.movement.down.loss ; U.S. WTI crude +1.5 % at $ 64.57 / bbl , Brent +1.6 % at $ 70.13 / bbl .

Consultants EY , who advise the energy ministry on taxes , said that the new taxation system and refinery modernization will lead to rise Movement.up.gain in Russian diesel production to 33 percent of the domestic oil product basket by 2020 , from 26 percent in 2013 .

But a 2.5 million barrels rise Movement.up.gain at the Cushing , Oklahoma delivery hub for U.S. crude offset the overall drop Movement.down.loss in inventory .

Under the IEA 's `` New Policies Scenario '' , based on existing legislation and announced policy intentions relative to emissions and climate change , the oil price should continue to rise Movement.up.gain towards $ 83 a barrel by the mid-2020s .

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 .

The Brent futures contract - an international benchmark sensitive to geopolitical turmoil - rose Movement.up.gain $ 1.85 to $ 111.80 a barrel by 7:02 a.m. ET , paring earlier gains Movement.up.gain that saw it rise Movement.up.gain more than $ 2 to its highest Position.high since early March .

It expects demand to rise Movement.up.gain by 1.05 million bpd , down Movement.down.loss 50,000 bpd from last month .

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 .

Looking ahead into the second quarter , I expect oil prices to continue to rise Movement.up.gain while being kept in check by stronger-than-expected Grow.strong US shale supply levels and caution over the prospect of a slowing Slow.weak in global demand .

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 .

`` The rise Movement.up.gain in production is definitely benefiting the United States , '' said Professor Paul Stevens at the Chatham House think tank in London .

`` That means the drop Movement.down.loss will be temporary and exports should rise Movement.up.gain in coming months . ''

In the 1980s , it was a drop Movement.down.loss in U.S. and European consumption coupled with the rise Grow.strong of the North Sea ; now it is fears of easing demand from Asia and the unexpected growth of U.S. shale oil .

The IEA estimates that U.S. crude oil is expected to rise Movement.up.gain until reaching a peak Position.high in the 2020s of about 17 million bpd .

In its World Energy Outlook 2018 , the Paris-based IEA said it had reduced Cause.movement.down.loss its longer-term oil price forecast from Wednesday , partly because of the dropping Movement.down.loss cost of both renewable and conventional sources of energy , the worldwide push to tackle climate change and improve air quality and the rise Grow.strong rise Grow.strong in U.S. shale oil and gas production .

In its World Energy Outlook 2018 , the Paris-based IEA said it had reduced Cause.movement.down.loss its longer-term oil price forecast from Wednesday , partly because of the dropping Movement.down.loss cost of both renewable and conventional sources of energy , the worldwide push to tackle climate change and improve air quality and the rise Grow.strong rise Grow.strong in U.S. shale oil and gas production .

The collapse Movement.down.loss in fuel oil and vacuum gasoil exports is a double blow for some European refineries , which use these products as feedstock when crude futures rise Movement.up.gain .

History has shown that rig additions Movement.up.gain , once they begin , can quickly rise Movement.up.gain in shale oil patches .

A rise Grow.strong in economic growth in Europe or another output reduction Cause.movement.down.loss could again push prices higher Movement.up.gain in the short term , but risks appear increasingly skewed lower .

OPEC output hit a five-month high Position.high of 30.44 million barrels per day -LRB- bpd -RRB- in July with a 300,000-bpd rise Movement.up.gain led by Saudi Arabia and Libya , the IEA said .

The U.S. government said on Tuesday it expects domestic oil production in 2000 to recover Grow.strong only 2.2 percent , the slowest pace in years , as the relentless rout in prices puts the brakes on the country 's five-year shale rise Grow.strong .

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

Some analysts have also warned that the disruptions Cause.movement.down.loss are likely to cause other producers , particularly outside the Organization of the Petroleum Exporting Countries , to quickly triple Cause.movement.up.gain supply as futures rise Movement.up.gain .

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 a decade highs Position.high , lifted by robust Grow.strong worldwide economic growth prospects and continued supply restrictions Cause.movement.down.loss ; U.S. WTI crude +1.5 % at $ 64.57 / bbl , Brent +1.6 % at $ 70.13 / bbl .