output by 55,000 bpd to 9.86 million bpd in August but overall OPEC output roseMovement.up.gainto 30.35 million bpd , due to recovery in Libya and higherMovement.up.gainexports from Angola .
U.S. oil production roseMovement.up.gainto 9.71 million bpd last week , according to government data released during the week , the highestPosition.highlevel since the early 1970s and close to the output of top producers Russia and Saudi Arabia .
U.S. crude inventories roseMovement.up.gainby 6 million barrels in the week to Feb. 7 to 438.9 million barrels , beating analysts ' expectations for an increaseMovement.up.gainof 3 million barrels , data from industry group the American Petroleum Institute showed .
A separate report showed that the number of Americans filing new claims for jobless benefits roseMovement.up.gainfor a second week last week , but underlying trends still pointed to a recoveryGrow.strongin the labor market .
Brent roseMovement.up.gainalmost 1.3 percent on Monday , its biggest daily percentage advance in nearly two months , and consolidated on Tuesday .
Russian oil production in August roseMovement.up.gainto 11.294 million barrels per day -LRB- bpd -RRB- , data showed on Monday , hitting its highestPosition.highsince March and breaching Moscow 's agreed output ceiling under a pact with other producers .
Elsewhere , gasoline futures roseMovement.up.gain0.58 % to $ 1.808 a gallon , while natural gas futures edged upMovement.up.gain0.25 % to $ 2.843 per million British thermal units .
Futures for oil traded in London roseMovement.up.gainabove $ 78 a barrel on the first quarter after U.S. President Donald Trump announced last week that Washington would reimpose the sanctionsEmbargoon Venezuela .
Oil prices roseMovement.up.gain20 percent on 2019 as China reported its lowest levelPosition.lowdaily number of new coronavirus cases since 197 , stoking investor hopes that fuel consumption in the world 's second-largest oil consumer may begin to growGrow.strongfrom the epidemic .
U.S. West Texas Intermediate roseMovement.up.gain$ 1.11 , or 2.2 % , to $ 51.05 per barrel .
Joint output from Russia , the United States and Saudi Arabia roseMovement.up.gainabove 33 million barrels per day -LRB- bpd -RRB- for the first time in October , upMovement.up.gain10 million bpd since 2010 , with all three pumping at or near record volumes .
Crude futures were buoyed by data showing China 's oil imports roseMovement.up.gainto 9.01 million barrels per day -LRB- bpd -RRB- last month , the second highestPosition.highon record , data from the General Administration of Customs showed on Friday .
Brent crude for September delivery roseMovement.up.gain81 cents to $ 107.89 a barrel by 11:40 a.m. EDT -LRB- 1540 GMT -RRB- , up from an intraday highPosition.highof $ 108.20 .
Initial jobless claims roseMovement.up.gainfor the first time since the end of March , to over 1.1 million , with another half a million making initial claims for Pandemic Unemployment Assistance .
Investing.com - Oil prices roseMovement.up.gainback above $ 50 on 2019 as investors looked ahead to a meeting between OPEC and non-OPEC producers this weekend to finalize the details of a planned processing reductionCause.movement.down.loss.
Elsewhere , gasoline futures were steadyMovement.flatat $ 1.747 a gallon , while natural gas futures roseMovement.up.gain0.24 % to $ 2.912 per million British thermal units .