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Prices have been buoyed by a new round of supply cuts from the Organization of the Petroleum Exporting Countries and its allies that began in January. "Because the number was a little disappointing, it played into the slowing demand scenario", said Phil Flynn, oil analyst at Price Futures Group in Chicago.

In addition to the above observations, the report included a discussion on US-China trade tensions and Russian and US crude oil production forecasts.

Analysts said that US sanctions on Venezuela had focused market attention on tighter global supplies.

Last week, the Energy Information Administration issued a bullish weekly report on USA inventories after it revealed crude stockpiles rose by less than 1 million barrels last week, compared to expectations of a 3.1 million-barrel rise. Elsewhere, supplies from OPEC face heightened uncertainty after Libya's eastern leader Khalifa Haftar said his forces have taken control of the country's largest oil field.

As of 7:35 a.m. EST, West Texas Intermediate front-month crude future prices fell 0.9 percent to $53.53 per barrel, while Brent future prices fell 0.5 percent to $62.36 per barrel as of the same time.

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Further gains in the price of United States crude oil are possible as the recovery that began in late December previous year shows no sign of reversing just yet.

Crude futures earlier posted around two-month highs.

Still, some analysts were relieved that USA crude oil inventories only rose by 1.3 million barrels in the week to February 1, according to the EIA, compared with expectations for an increase of 2.2 million barrels.

The price of U.S. crude continues to rise and the outlook is still constructive on tight supplies and concerns about Venezuelan output. Output from OPEC's 14 current members fell by 930,000 barrels a day to 31.02 million, according to a Bloomberg survey. WTI settled 2.73 percent higher in the last session at its highest close since November 19. Both lines carry Canadian crude to the U.S. The sanctions aim to block United States refiners from paying into PDVSA accounts controlled by Venezuelan President Nicolas Maduro.

US President Donald Trump last week said he would meet with Chinese President Xi Jinping, perhaps twice, in the coming weeks to try to seal a comprehensive trade deal with Beijing, but acknowledged it was not yet clear whether a deal could be reached. The lender sees Venezuelan oil exports quickly falling by 300,000 barrels a day to about 700,000 barrels a day.