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U.S. crude oil stockpiles fell unexpectedly last week as imports dropped, while gasoline and distillate stocks decreased less than expected, the Energy Information Administration said on Wednesday. Crude inventories fell 1.4 million barrels in the week to Apr 12, compared with analysts’ expectations for a increase of 1.7 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futures fell 1.54 million barrels, EIA said.


Global oil supply fell in March as U.S. sanctions and power outages pushed Venezuela's crude output to a long-term low of 870,000 bpd, the International Energy Agency (IEA) said on Thursday in a regular monthly report. "The blackouts are an additional challenge for Venezuela's oil sector, already set back by economic collapse, corruption, mismanagement and – more recently – by U.S. sanctions," the Paris-based agency wrote. The IEA estimated that OPEC producer Venezuela saw its output decrease by 270,000 bpd month-on-month during March.

In OPEC producer Libya, an offensive by Khalifa Haftar's Libyan National Army (LNA) against the capital of Tripoli was reported to have stalled on the city’s southern outskirts, in the face of strong resistance from troops fighting for internationally-recognised government based in Tripoli. After sweeping up from the southern parts of Libya, the LNA has been bogged down in Tripoli's southern suburbs 11 km from the city centre, with several locations having changed hands repeatedly.