"It is likely that the. monthly data will show USA crude oil production in December about 200,000-300,000 bpd above what was estimated in the weekly reports", Petromatrix analyst Olivier Jakob said in a note.
"Investors are likely looking at Libya for a potential reason for a rally in oil prices, but this shouldn't last too long", Barnabas Gan, an economist at Oversea-Chinese Banking Corp., said by phone from Singapore.
The futures on United States crude oil WTI fell by 0.13 Dollars, or 0.20%, to 63.78 USD per barrel, and the Brent oil variety wiped out 0.17 USD, or 0.25%, to 67.12 USD per barrel.
U.S. West Texas Intermediate and international-benchmark Brent crude oil closed higher on Monday, but a little off their highest levels in three weeks. Equities markets weakened on Wednesday, while the US dollar.DXY hit a one-month high.
Prices were supported after Saudi Arabian oil minister Khalid al-Falih on Saturday said the country's crude production in January-March would be well below output caps, with exports averaging below 7 million barrels per day (bpd).
That fits with the current policy of the Organization of Petroleum Exporting Countries and Russian Federation: their agreement to reduce supply is set to expire at the end of this year, with a gradual return of production after that.
FG warns Nigerians against 'unnecessary speculation' over Dapchi girls
Soldiers now prowl the village and guard the perimeter fence of the school, which is nearly deserted except for a few police. Nigerian President Muhammadu Buhari recently said the era of Boko Haram violence "is gradually drawing to end".
Oil prices have rebounded to around $70 a barrel as a result of the policy. "And for another, new pipeline capacities mean more crude oil is leaving Cushing".
Prices resumed their downward path after that report, in which the EIA also revised its November crude production figures upward to a record 10.057 million bpd.
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Crude inventories rose by 933,000 barrels in the week to 421.2 million, compared with analyst expectations for an increase of 2.1 million barrels.
"We need to add 15 million barrels daily by 2040 to meet demand", he added, putting the needed investment at $10.5 trillion.
Futures in NY slid as much as 0.4% after closing at a three-week high on Monday as an advance in equities revived optimism about economic growth and Libya's crude exports from a key terminal were impeded. According to a recent study by the EIA, under certain scenarios, total United States crude oil production could surpass 14M b/d by 2050.