U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 78 cents, or 1.5 percent, at $52.85 per barrel. "Following annual gains of a record 2.6 mb/d in 2018, non-OPEC production growth is set to slow to 1.6 mb/d in 2019", the report reads.
Stock markets are still up so far this month, which has given oil investors more confidence to bet aggressively on a rise in crude prices.
On Wednesday, Brent Crude prices declined but were supported by the supply cuts and remained above $60 per barrel. After closing out 2018 in free-fall, US crude prices have rebounded more than 18 percent to start this year.
The International Energy Agency kept its estimate of oil demand growth unchanged and close to 2018 levels despite saying US oil production growth, combined with a slowing global economy, would weigh on oil prices.
Just after the OPEC+ meeting in Vienna early last month, Saudi Energy Minister Khalid al-Falih said that the Kingdom would cut production to around 10.2 million bpd in January, and that Saudi crude oil exports would be cut to below 8 million bpd in December from some 8.3 million bpd in November.
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Oil headed for a third weekly increase on expectations that production cuts by OPEC and resilient fuel demand will keep global markets in balance.
But oil prices collapsed in November as United States production set a new record, waivers were granted for Iranian exports and growth in China - the world's second-largest oil consumer - showed signs of slowing.
For now, IEA retains its view that demand growth in 2018 was 1.3 mb/d, and this year it will be slightly higher at 1.4 mb/d, mainly due to average prices being below year-ago levels. March Brent was recently trading at US$62.58.
EIA expects USA regular retail gasoline prices to follow changes to the cost of crude oil, dipping from an average of $2.73/gallon in 2018 to $2.47/gallon in 2019, before rising to $2.62/gallon in 2020.
The World Bank expects oil prices to average $67 a barrel this year and next, down $2 com-pared to projections from June last year.
Prices are likely to keep climbing at least until April, she said, when the U.S. is due to decide whether to extend waivers against sanctions for buyers of Iranian oil. In both 2019 and 2020, China is the leading contributor to global oil demand growth. Refinery utilization rates fell by 1.5 percentage points.