Meanwhile, neighboring Canada lost 5 oil rigs and 3 gas rigs for the week, after shedding hundreds of rigs in the in the last couple of months.
While oil prices are up on the month, both the Brent and WTI benchmark were trading down on the day in morning trading as the dollar rose but began paring some of those losses in the early afternoon.
Still, support for the higher oil prices remain as worry over Iranian sanctions persists—a worry that will likely continue to bolster oil prices until a decision is made on May 12—along with falling production in Venezuela and Angola.
The latest Monthly Oil Market Report by OPEC reveals that in the first quarter, Angola produced 1.574 million bpd of crude, down from 1.633 million bpd in the final quarter of 2017. In March, average daily production was the lowest for the quarter, at 1.524 million bpd, down by 81,700 bpd from February. Some analysts believe the decline will continue and may even accelerate. Venezuela’s oil production has averaged 1.544 million bpd for Q1, and 1.488 bpd for March—the latest information available from OPEC.
US oil production rose again in the week ending April 20, reaching 10.586 million bpd—the nineth build in as many weeks—less than a half million bpd off the 11.0 million bpd forecast that many predict for 2018.
At 1:35p.m. EST, WTI and Brent were both still trending upwards.
By Julianne Geiger for Oilprice.com
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