Oil prices were up slightly on Friday as optimism over U.S.
The U.S. dollar index, which includes the euro, Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc, fell 0.51 percent on January 30, according to official data.
International Brent crude futures were at Dollars 66.87 per barrel at 0326 GMT, down 20 cents, or 0.3 per cent, from their last close.
On Tuesday, EIA forecast output from seven major US shale fields will rise by 84,000 bpd next month to 8.4 million bpd.
Analysts said a global economic slowdown was preventing prices from surging beyond the 2019 highs seen this week.More news: FATF keeps Pak on grey list for failing to curb terror funding
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Both oil benchmarks have risen this year after the Organization of the Petroleum Exporting Countries and its allies, including Russian Federation, began to cut output to prevent a supply glut from growing. "China trade talks amidst potential weakening in the USA dollar, WTI could easily achieve our stated target to the $58 area today", Jim Ritterbusch, president of Ritterbusch and Associates, said in a note. Yesterday, the market was rather dead, volume was low and US data on crude and products was mixed, so the market didn't really react, "Olivier Jakob of Petromatrix consultancy said".
Shipping data indicates that China was scheduled to receive its first cargoes of crude oil from the U.S.in months around February 17, but it was not immediately clear if those shipments were baked into last week's figures. OPEC and 10 allied producers outside the cartel, led by Russian Federation, agreed in late December to collectively hold back output by 1.2 million barrels day for the first half of 2019. The US is the only country to have reached 12-million bpd of production to date.
USA commercial crude oil inventories rose by 3.7 million barrels to 454.5 million barrels in the week ended Feb 15, the EIA said.
That means much will depend on demand, which Goldman said it expected to grow by 1.4 million bpd this year.
With US supply surging, Goldman Sachs said it expected nonOpec supply to grow by 1.9-million bpd in 2019, more than offsetting the Opec cuts.