Oil price to increase in multi-months

Oil prices have surged to their highest level
in months , with the US West Texas
Intermediate rising above $58 per barrel
and Brent trading north of $67.
The instability in Venezuela and the
growing evidence of a slowdown in US
shale have pushed prices up .
Weekly figures showed that US oil
production dipped to 12 million barrels per
day last week , down from 12 . 1 million bpd
the week before.
The Organisation of Petroleum Exporting
Countries reduced production by 221 , 000
bpd in February, a more modest reduction
than in prior months .
Most of the reductions came from
Venezuela, which saw output drop by
142, 000 bpd . Meanwhile, OPEC estimated
that OECD inventories rose by 22 million
barrels in January, or 19 million barrels
above the five -year average.