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Information released Wednesday by the U.S. Energy Information Administration (EIA) said U.S. commercial crude stockpiles rose by 3.2 million barrels, compared with expectations for an increase of 4.1 million barrels.

Cohen says Barclays expects a flat performance from oil in 2019 in spite of the geopolitical environment because USA shale production is likely to ramp up, replacing some American demand in the global market with increased supply.

The company said that Syncrude operations in Canada were impacted by a power supply disruption that began in late June with recovery by the middle of September, and highlighted progress in exploration during the quarter in Guyana while it increased rights for exploration areas in Brazil. News that major consumers like India and South Korea are reportedly in line for waivers from U.S. sanctions on Iran "also helped calm worries".

OPEC's output rose by 430,000 barrels to 33.33 million barrels a day in October, according to a Bloomberg survey of officials, analysts and ship-tracking data.

"We still expect that the global oil market will be in deficit in 4Q18", the U.S. bank said. "Technically the market has been in a weak position", said Phil Flynn, analyst at Price Futures Group in Chicago.

Oil production from Russian Federation, the United States and Saudi Arabia reached 33 million barrels per day (bpd) for the first time in September, Refinitiv Eikon data showed.

However, the effects of the US withdrawal from the Joint Comprehensive Plan of Action (JCPOA) in May, the resumption of Iran sanctions and the potential response from other countries pose significant uncertainty to the forecast.

Both Russia and the largely-Arab bloc have worked together for two years in order to stem the 2014-2016 decline in prices and more recently, to force them higher. "What this means in the near-term is that the US may double production, double export capacity and introduce new market innovations", Fannon said.

Brent, against which Nigeria's oil is priced, had early this month hit a new four-year high of $86.74 per barrel, fuelled by concerns about a shortfall in global supply as USA sanctions whittle away at Iranian crude exports.

Production in the USA is now estimated to be more than 11 million barrels a day and growing. That's a post-Soviet record, and not far off the highest-ever production.

U.S. President Donald Trump said on Monday that he thinks there will be "a great deal" with China on trade but warned that he has billions of dollars worth of new tariffs ready to go if a deal is not possible.