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US Crude oil exports have fallen right off the table from last week's 2.7 million barrels per day to only 1.3 million barrels per day while clocking the slowest reading since April.

U.S. West Texas Intermediate (WTI) crude futures increased by 26 cents, or 0.4 percent, to $67.92 a barrel.

Prices had tumbled to a six-week.

On Tuesday, the EIA reported that USA crude production fell 30,000 barrels per day to 10.44 million bpd in May.

Crude oil prices started the trading day Thursday in negative territory, but quickly shifted into rally mode on signs that USA crude oil stocks at the key storage hub in Cushing, Okla., were drying up.

Futures in NY dropped 1.6 percent on Wednesday.

EIA's latest Short-Term Energy Outlook (STEO) from July forecasts that US crude oil production will average 10.8 million bpd this year, up from 9.4 million bpd in 2017.

OPEC's overall output jumped by 300,000 barrels a day last month, according to a Bloomberg survey, as the cartel offset losses from an economic collapse in Venezuela, political clashes in Libya and an expectation that Iranian exports will drop due to US sanctions. Crude stockpiles at the Cushing, Oklahoma storage hub are at a almost 4-year low, and are expected to fall further in the coming week.

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Futures fell for the third day in NY, losing as much as 1.1 per cent to hit their lowest level since June 22, but USA government's data showed a surprise gain in nationwide stockpiles on Wednesday.

It was gathered that the Arabic nation's production increased by 230,000 barrels daily in July to 10.65 million barrels per day. Gasoline stocks declined by 2.5 million barrels, while crude stocks at the Cushing, Oklahoma, delivery hub for WTI futures fell 1.3 million barrels, EIA data showed.

US crude oil refinery inputs averaged 17.48 million barrels per day during last week, which was 195,000 barrels per day higher than the previous week's average.

Elsewhere, Russian oil output rose by 150,000 barrels per day (bpd) in July from a month earlier, to 11.21 million bpd, energy ministry data showed on Thursday. Total volume traded was about 30 percent below the 100-day average.

Meanwhile, Russia's Energy Minister, Alexander Novak said his country boosted its production in July to just below the post-Soviet record set in October 2016.

Since Russia joined the Organization of Petroleum Exporting Countries in reducing output, crude prices have risen to three-year highs as the glutted market rebalanced.

The net imports averaged 6.44 million barrels per day last week, up by 1.35 million barrels per day from the previous week.


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