"US production has increased by 1 million barrels per day over the last 12 months, we expect similar rate of increase over the next 12 months", said Mr Welch.
E-Mini futures for the S&P 500 were pointing to a steady start in NY later. Focus is now shifting to whether OPEC and its allies will signal an extension of supply cuts at their meeting on Friday in Saudi Arabia.
"If [Opec] prematurely takes the cuts off and United States production at some point over the next number of months floods the market again, this ultimately makes all of Opec's efforts over the past 15 to 16 months quite superfluous and Opec is at a point where they've seen historically high levels of compliance, so we certainly think that they will continue to keep the wheels on the bus", he added.
The stated goal of the supply cut is to reduce the excess in oil stocks to that of the five-year average, although oil ministers have said other metrics should also be considered. "The market still needs support".
Brent's settlement marked its best close since November 26, 2014, the day before OPEC refused to move to stop a decline in oil prices, sparking a sharp sell-off that ultimately sent oil prices to 12-year lows, CNBC reported. The result has been a more than 25% increase in the price of oil-currently trading at $68 a barrel-and a steady decrease in stored supplies. WTI has gained almost 8 percent in the last eight days of trading.
Over the past year, Saudi Arabia has emerged as OPEC's leading supporter of measures to boost prices, a change from its more moderate stance in earlier years. Brent Oil prospects for June conveyance, exchanged London, were up 0.41% at $73.78 per barrel.
Power restored to 70 percent of Puerto Rico customers after total blackout
Army's top engineer said in February that their role was never to completely rebuild the power system. With a debt of $9 billion, PREPA filed for a form of bankruptcy a year ago .
Terry Rozier Responds To Eric Bledsoe's Ridiculous Snub After Game 2
They've had far less than the Bucks in both games and that's helped significantly. Milwaukee's bench group was outscored 41-25 in the contest.
Jubeir: Houthis hardened against political process in Yemen because of Iran
The United Nations says a record 22.2 million people are in need of food aid, including 8.4 million threatened by severe hunger.
WTI is traded at $69.18. The contract rose 0.5% to close at 429.7 yuan on Wednesday.
U.S. commercial crude inventories dropped by 1.1 million barrels in the week through April 13, the U.S. Energy Information Administration reported. American crude stockpiles slid by about 1 MMbbl, versus forecasts for a 650,000-bbl gain. Stockpiles of gasoline also dropped by 3 million barrels, while distillate fuels including diesel declined by 3.1 million barrels.
The beginning of summer may herald the end of a boom for the fuel that underpinned crude's rally into a bull market previous year.
Once the Aramco share sale is done, Riyadh would still want higher prices to help fund initiatives such as Vision 2030, an economic reform plan championed by Crown Prince Mohammed bin Salman.