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 .

But as rising Movement.up.gain supplies of North American crude and tepid Slow.weak demand have pushed prices down Movement.down.loss to lower than $ 100 a barrel , the move underlies how the shale oil revolution is creating a political and economic advantage for Washington and its Western allies .

Even output in trouble spots like Libya and Iraq is rising Movement.up.gain after years of insurrection-led losses .

Denis Borisov , director at EY 's oil and gas center in Moscow , said he expected an upsurge Movement.up.gain in Russian oil exports by 2020 , with diesel supplies rising Movement.up.gain by 17 million tonnes per year , and gasoline deliveries seen increasing Movement.up.gain by around 8 million tonnes .

The U.S. Energy Information Administration said in its weekly report on Wednesday that U.S. crude supplies increased Movement.up.gain by 1.0 million barrels last week , rising Movement.up.gain for the second consecutive week .

U.S. gasoline inventories , meanwhile , fell Movement.down.loss by 633,000 barrels after rising Movement.up.gain 1.699 million in the preceding week .

Oil prices have fallen Movement.down.loss as much as 20 percent since June , despite a host of rising Movement.up.gain supply risks , leading more investors and traders to consider whether 2015 is the year in which the U.S. shale oil boom Grow.strong finally tips the world into surplus Oversupply .

The EIA , the statistical arm of the U.S. Department of Energy , said the increase Movement.up.gain was largely the result of sharply rising Movement.up.gain U.S. crude production .

After rising Movement.up.gain $ 105 a barrel on March , oil prices declined Movement.down.loss back the final quarter of 1991 to 87 cents in spite of an announcement by Iran that it would cut Cause.movement.down.loss its production last week .

NEW YORK ( Reuters ) - Brent crude oil reversed losses rising Movement.up.gain back $ 112 a barrel on early January , as fighting Civil.unrest in Libya and deteriorating relations Geopolitical.tension between Iraq and the Yemen ignited new fears of supply restrictions Cause.movement.down.loss in the market .

After rising Movement.up.gain nearly $ 150 a barrel on early January , oil prices dropped Movement.down.loss back this year to 87 cents in spite of an announcement by Iran that it would curb Cause.movement.down.loss its supply the end of 2018 .

The rising Movement.up.gain rig count points to further increases Movement.up.gain in U.S. crude production , which has already jumped Movement.up.gain by a quarter since mid-2016 to a record 10.54 million barrels per day -LRB- bpd -RRB- .

Stockpiles of gasoline and distillates also saw big gains Movement.up.gain , with gasoline stockpiles increasing Movement.up.gain by 3.4 million barrels and distillates rising Movement.up.gain by 2.5 million barrels .

However , fears that rising Movement.up.gain U.S. output would dampen OPEC 's efforts to rid the market of excess supplies Oversupply prevented prices from rising Movement.up.gain much further , according to market participants .

However , fears that rising Movement.up.gain U.S. output would dampen OPEC 's efforts to rid the market of excess supplies Oversupply prevented prices from rising Movement.up.gain much further , according to market participants .

However , concerns Negative_sentiment over rising Movement.up.gain U.S. oil production continued to linger , especially following reports hits week that U.S. production is expected to exceed 10 million barrels per day -LRB- bpd -RRB- very soon .

OPEC has weathered conflicts Civil.unrest before , even between its members , but has so far been fortunate that the headwind of exports lost Movement.down.loss to Libya 's civil strife Civil.unrest has been eased by rising Movement.up.gain output elsewhere , most notably by the boom Grow.strong in U.S. production .

While U.S. oil output has been rising Movement.up.gain fast , part of the big jump Movement.up.gain in supplies has come from countries that remain at risk of supply disruptions Cause.movement.down.loss , including Libya and Nigeria .

Investing.com - Oil prices dipped Movement.down.loss on Monday morning in Asia , pulled down Movement.down.loss by a rising Movement.up.gain U.S. rig count which indicated further increases Movement.up.gain in the country 's crude output .

Last week , oil finished higher Movement.up.gain on Friday , boosted Cause.movement.up.gain by signs of rising Movement.up.gain crude demand in China , but prices failed to avoid a weekly loss Movement.down.loss amid concerns Negative_sentiment over rising Movement.up.gain production in the U.S. Meanwhile , February Brent crude futures , the benchmark for oil prices outside the U.S. , jumped Movement.up.gain $ 1.20 , or roughly 1.9 % , to settle at $ 63.40 a barrel by close of trade .

Last week , oil finished higher Movement.up.gain on Friday , boosted Cause.movement.up.gain by signs of rising Movement.up.gain crude demand in China , but prices failed to avoid a weekly loss Movement.down.loss amid concerns Negative_sentiment over rising Movement.up.gain production in the U.S. Meanwhile , February Brent crude futures , the benchmark for oil prices outside the U.S. , jumped Movement.up.gain $ 1.20 , or roughly 1.9 % , to settle at $ 63.40 a barrel by close of trade .

Prices began rising Movement.up.gain shortly after Reuters reported that EU sources said European Council leader Herman van Rompuy has written to EU leaders saying any restrictions the bloc agrees on Russian access to sensitive technology should only include the oil sector , and exclude gas .

Investing.com - Oil prices fell Movement.down.loss around 2 % on Tuesday , pressured lower Movement.down.loss by fears over the impact of U.S.-China trade war trade.financial.tension on the global economy and rising Movement.up.gain OPEC output .