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Brent futures settled at $69.31 a barrel, losing 6 cents.

Brent futures rose 36 cents, or 0.5 percent, to $69.73 a barrel by 0554 GMT, after earlier reaching $69.87, the highest since November 12, the last time they traded above $70.

In a note to investors, Commerzbank said that the EIA could revise down United States output, with the agency recording 100,000 barrels a day (bpd) decrease in production in January to 11.9 million bpd.

First, U.S. crude oil production growth has stalled, mostly as a result of the oil price plunge in the fourth quarter of 2018, dissipating some of the fears that U.S. oil is set to flood the oil market and offset OPEC and allies' production cuts.

Worldwide standard Brent crude reached up to $69.95 per barrel at around 9.20am, its highest point since November, before slowly giving back gains.

Other oil-market news Saudi Aramco's bond prospectus revealed its giant Ghawar oil field can pump 3.8 million barrels a day, well below the more than 5 million that had become conventional wisdom in the market.

US sanctions on Iran and Venezuela along with supply cuts by members of the Organization of the Petroleum Exporting Countries (OPEC) and other major producers have helped support prices this year, overshadowing concerns about global growth and the U.S.

Refined fuel inventories fell more than expected, with gasoline drawing down for a seventh straight week, as refining rates remained low, the data from the statistical arm of the Department of Energy showed.

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A key crude terminal in Venezuela, also under U.S. sanctions, has halted operations again.

Crude inventories rose by 7.2 million barrels in the week to March 29, compared with analysts' expectations for a decrease of 425,000 barrels.

Supply from OPEC countries hit a four-year low in March, a Reuters survey found earlier this week.

Oil's pattern on the price charts could lead to further gains.

Distillate stockpiles, which include diesel and heating oil, fell 2 million barrels, versus expectations for a drop of 506,000 barrels, the EIA data showed.

Chinese Vice Premier Liu He will resume negotiations with his US counterparts in Washington on Wednesday as both governments push for an agreement to end their protracted trade dispute.

Figures showing a rebound in U.S. factory activity in March and a return to growth in Chinese manufacturing eased concern that an economic slowdown could weaken oil demand.


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