Oil Notches Fresh Three-Year High

Later on Tuesday, oil prices dipped after the American Petroleum Institute (API) reported a surprise build of 1.758 million barrels of United States crude oil inventories for the week ending April 6, after analysts had anticipated a draw in crude oil inventories of 189,000 barrels.

The headlines followed reports that the Houthi rebels in Yemen had launched a drone strike on a facility owned by Saudi Aramco, the kingdom's national oil giant.

The threat came after the Russian ambassador to Lebanon said his nation's military would intercept American missiles and potentially target the US craft that fired them. U.S. WTI crude futures CLc1 were up 25 cents at $67.07.

Although Syria is not a key oil producer, the wider Middle East is the world's most important crude exporter and tension in the region tends to disrupt oil markets.

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These bullish factors more than offset pressure from a USA government report showing crude oil inventories rose by 3.3 million barrels, while domestic production hit a record 10.53 million barrels per day (bpd).

It is no surprise that interest rates on bonds have spiked after crude oil prices touched their highest level in four years.

"Russia vows to shoot down any and all missiles fired at Syria".

US crude rose 2.3% to $66.98 a barrel, adding to gains after the 10:30 a.m. ET EIA data.

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Crude oil futures were fluctuating near fresh three-year highs Thursday morning in European trade, as market jitters over a confrontation between Russian Federation and the United States in Syria largely outweighed bearish crude stocks data out of the US.

Adding to rising storage levels, the U.S. Energy Information Administration (EIA) said on Tuesday that it expects domestic crude oil production in 2019 to rise by more than previously expected, driven largely by growing U.S. shale output.

Oil market observers are looking ahead to monthly reports from OPEC and the International Energy Agency, due Thursday and Friday, respectively, with an eye to potential revisions on the global oil demand.

While US figures suggest that crude supplies remain ample, geopolitical risks are overshadowing supply/demand dynamics for now.

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The current deal, under which OPEC and non-OPEC producers are cutting supply by about 1.8 million barrels per day, expires in March 2018.

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