Oil up on reduced U.S. output estimate, stalled Venezuelan exports

Oil prices rose on Wednesday, buoyed by an official forecast showing slower-than-expected U.S. production, and as U.S. sanctions stall exports from Venezuela.

International Brent crude oil futures were at $66.89 a barrel at 0955 GMT, up 22 cents, or 0.33 percent, from their last close.

U.S. West Texas Intermediate crude futures were at $57.31 per barrel, up 44 cents, or 0.77 percent.

The U.S. Energy Information Administration (EIA) said on Tuesday that U.S. crude production was expected to grow more slowly in 2019 than it had previously expected, averaging about 12.30 million barrels per day (bpd).

The EIA revised down its projected 2020 production figure from 13.20 million bpd to 13.03 million bpd.

“While the revision is small, the comforting part for bulls was that the direction of the revision was down rather than up,” Harry Tchilinguirian, global oil strategist at BNP Paribas in London, told the Reuters Global Oil Forum.