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Oil extends gains on robust OPEC compliance

U.S. oil prizes extended gains on Thursday as OPEC’s strong compliance with a endow reduction pact offset news that U.S. production topped 10 million barrels per day for the first place time in nearly half a century.

NYMEX crude for March parturition rose 18 cents, or 0.3 percent, to $64.91 a barrel by 0030 GMT, after terminate the last session up 0.4 percent.

London Brent crude for April distribution had yet to start trading,after settling on Wednesday up 3 cents at $68.89.

U.S. crude oil oeuvre in November surpassed 10 million barrels per day for the first time since 1970, and neared the all-time output recount, the Energy Information Administration said on Wednesday.

Oil output by the Organization of the Petroleum Exporting Surroundings also rose in January from an eight-month low as higher output from Nigeria and Saudi Arabia atone for a further decline in Venezuela and strong compliance with a supply reduction deal, a Reuters survey found.

However, adherence by producers included in the arrangement to curb supply rose to 138 percent from 137 percent in December, the ballot found, suggesting commitment is not wavering even as oil prices hit their highest unfluctuating since 2014.

U.S. crude inventories rose by 6.8 million barrels final week, after 10 straight weeks of declines, U.S. Energy Dirt Administration data showed on Wednesday. Analysts had expected a decrease of 126,000 barrels.

Gasoline staples unexpectedly fell by 2 million barrels, compared with expectations in a Reuters census for a gain of 1.8 million barrels, helping push up gasoline comings.

Distillate stockpiles, which include diesel and heating oil, fell by 1.9 million barrels, versus expectations for a 1.5 million-barrel repudiate, the EIA data showed.

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