Oil prices rose on Friday boosted by hopes that US-China trade talks would soon produce a deal and the reduction of supplies from OPEC.
Brent crude futures briefly reached USD67.73 a barrel, their 2019 high. US West Texas Intermediate (WTI) crude hit USD57.81 earlier on Friday.
Gains dropped because the United States reported its crude output hit a record 12 million barrels per day (bpd), and its exports increased.
OPEC and some non-affiliated producers, such as Russia, agreed late last year to cut output by 1.2 million bpd to prevent a large supply overhang from growing.
On Wednesday, Saudi Minister of Energy, Industry and Mineral Resources Khalid al-Falih said that April would be significant to the stability of the oil market because oil-exporting countries are set to meet to discuss supplies plans during the second half of the year.
He called on the oil-exporting countries to abide by the oil cut deal in order to reduce the global reserve to its average during the past five years.
Bloomberg quoted Falih as saying that April would be enough to mull the possibility of a new deal.
The Energy Information Administration (EIA) data showed on Thursday that the US shipped out 3.6 million barrels a day. That easily topped the previous all-time high of 3 million bpd set in June 2018.
