USA crude is also increasingly appearing on global markets, and more is set to come as the Louisiana Offshore Oil Port starts testing supertankers for exports. U.S. gold futures were down 0.1pc at $1,357.2 per ounce on Thursday.
Besides, sufficient stocks position following increased supplies from the producing regions, fuelled the downtrend.
"With oil prices recently rising above the USA shale breakeven price, estimated to be $63 per barrel in 2018, United States shale producers are likely to have already locked into forward prices around this oil price level and have already begun to ramp up production this year", QNB's note said. "However, the chances are that this rally will be capped below the January highs at this stage".
Oil and gas production will also continue to grow along with renewables, although oil production growth will stagnate around 2032, according to the EIA forecast.
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West Texas Intermediate, the US benchmark for the price of oil, was up 0.24 percent to $61.70 per barrel as of 9:15 a.m. EST. Monday's transactions will be booked Tuesday for settlement because of the U.S. Presidents' Day holiday.
Gold shed 0.3 percent to 1,342.07, while gold futures for the April contract fell by 0.8 percent to $1,344.60.
By mid morning in London, Brent was down 0.72% at $65.22 a barrel, while Nymex WTI gained 0.81% to $62.05. Prices added 83 cents to close at US$65.67 yesterday.
Brent, the global benchmark, has seen its premium pricing over WTI - known as the spread - wither in recent weeks.
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Year-over-year, all prices increased on average by 2.1 percent.
The American Petroleum Institute said last Tuesday that USA crude inventories rose by 3.9m barrels in the week to Feb 9, to 422.4m.
The US dollar dropped back on Wednesday and is now down 12pc over the past year against the country's major trading partners.
Suhail al-Mazroui, energy minister for the United Arab Emirates, told media of the alliance formation, saying OPEC was urging its members to build oil capacity buffers to temper any wild upswings in price due to the weak US dollar this year.
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"The fundamental landscape is strong", said Mark Keenan, global commodities strategist and head of Asia-Pacific research at Societe Generale SA in Singapore.