Goldman Sachs raises 2018 oil price forecast

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Prices in worldwide oil markets are supported by OPEC production cuts which started in January 2017 and will continue through this year.

The spread between USA crude and Brent hit the narrowest in almost two weeks.

Higher crude oil price negatively impacts oil marketing companies as it strains their refining and marketing margins.

Russian oil output increased to an average 10.98-million barrels a day in 2017, up 0.1% from the previous year and the highest since the collapse of the Soviet Union in 1991, according to data published on Tuesday by the Energy Ministry's CDU-TEK statistics unit.

U.S. West Texas Intermediate (WTI) crude futures settled at $60.42, the highest close since June 2015.

Monthly EIA data released on Friday showed USA crude production hit a 46-year high in October, but the country's oil exports and demand also rose.

Supermoon kicks off 2018
The moon is set to reach its perigee, at a distance of 3.56 lakh km from the earth, at 3.34 am and will set around 7.54 am. It will appear slightly bigger than a normal full moon, and it might appear to be significantly brighter than a full moon.

Federal Reserve Bank insists oil must exceed $60 for a boost in US drilling.

WTI prices were further boosted by an EIA report of a 4.6-M bbl weekly drop in United States commercial Crude Oil storage levels.

Extreme cold weather across much of North America could also boost USA crude prices by causing production problems in the oilfields. In the last quarter of 2016, Russia's production had hit a post-Soviet era high, while year over year in 2016, production grew to 10.96 million bpd, from 10.72 million bpd in 2015.

China's imports at around 8.5 million bpd, already the world's biggest, are expected to hit another record in 2018 as new refining capacity is brought online and Beijing allows more independent refiners to import crude.

Oil prices have lost ground in the days following last week.

Protesters also attacked police stations elsewhere in Iran late into the night on Monday, news agency and social media reports said.