Oil jumps 3 pct on OPEC plan details, US-China trade hopes

Lease Operator Jon Pearson checks well pressure on a lease owned by Parsley Energy in the Permian Basin near Midland

Production from OPEC's 14 members sank by 751,000 barrels a day last month, with just over half the reduction accounted for by Saudi Arabia, according to a report from the group's secretariat.

American crude output is poised to expand by 1.1 million barrels a day this year, according to the IEA, which sees the US exceeding the Saudis' maximum level within the next six months.

The International Energy Agency said on Friday that USA oil production growth combined with a slowing global economy would put oil prices under pressure.

After closing out 2018 in free-fall amid fears of a global supply glut and economic slowdown, USA crude prices have rebounded more than 18 percent to start this year.

World oil markets have been on a rollercoaster ride in recent months, with OPEC and its partners including Russian Federation, often called OPEC+, agreeing to cut back production again from January in order to reverse a slump in oil prices on abundant production and worries about slower global growth. The IEA left its estimate for global oil growth in 2019 unchanged at an increase of 1.4 mbd, saying "the impact of higher oil prices in 2018 is fading, which will help offset lower economic growth".

Alabama quarterback Jalen Hurts transferring to Oklahoma
You've got to have a tremendous amount of character and class to put team first, knowing your situation is not what it used to be. The numbers from Hurts' best statistical season fall short of Murray's, and there's still plenty of room for improvement.

USA crude production has soared in recent months, rising by more than 2 million barrels per day (bpd) to 11.9 million barrels per day.

The OPEC news is potentially bullish, but traders remain cautious because of the rising US production.

Oil prices climbed to a two-month high as China was said to offer a trillion-dollar buying spree to defuse trade tensions with the world's biggest economy.

Saudi Arabia demonstrated its resolve to lift oil prices by slashing output ahead of the entry into force of new pact limiting production while Russian Federation boosted output to a record level, the International Energy Agency said Friday. Oil market got the recent boost after OPEC reported that its December oil output has fallen sharply easing the surplus supply pressures.

Oil supplies from OPEC nations plunged by 751,000 barrels per day to almost 31.6 million bpd, according to independent figures cited by OPEC in its monthly report.

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