2019.04.1206:34:00UTC+00Oil Prices Jump Over 1 Percent Amid Tightening Supply

Oil prices rallied more than 1 percent on Friday, with sentiment supported by OPEC-led supply cuts, escalating fighting in Libya and U.S. sanctions on petroleum exporters Iran and Venezuela.

Global benchmark Brent crude jumped over 1 percent to $71.56 per barrel while U.S. West Texas Intermediate (WTI) crude futures were up as much as 1.4 percent at $64.45 per barrel.

Venezuela's average daily production rate fell to 870,000 bpd last month, while OPEC-wide production fell by 550,000 bpd in March, the International Energy Agency said in its oil market report.

Saudi Arabia's crude oil production slumped to the lowest in two years as the Kingdom slashed its production by more than promised to boost prices.

The oil cartel and its allies will meet in June to decide whether to continue withholding supply.

It is expected that OPEC may consider raising oil output from July if disruptions continue and prices keep rallying.

Meanwhile, China's oil imports stood at 39.34 million tonnes or 9.26 million barrels per day (bpd) last month, the lowest since October 2018, official data showed today.

That is down 9.4 percent from 10.23 million bpd in February as state-owned refiners began maintenance.