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Oil prices rose on Wednesday, after an official forecast showed slower-than-expected US production and USA sanctions stalled exports from Venezuela.

The IEA's forecast came just a few weeks after the United States exported a record 3.6 million barrels of crude oil on a daily basis, with the country being also a major exporter of petroleum products including refined fuels.

Brent for May settlement added 27 cents to $66.85/bbl on the London-based ICE Futures Europe exchange.

Crude oil prices are expected to be underpinned throughout Tuesday's session as concerns over supply and renewed demand for risky assets are likely to remain supportive.

Besides, the IEA had also added that the USA gross crude export would double, which would eventually result in a greater competition for energies in the Asian markets and United States may have the singular authority to dominate the Crude oil price.

The resolution was to be subject to a review to either extend the cut by June, or discontinue after the monitoring team has reviewed the impact.

In Venezuela, oil production and exports have been disrupted by a political and economic crisis that has caused massive blackouts and supply shortages, while Washington has barred USA companies from doing business with the Venezuelan government, including state-owned oil firm PDVSA.

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"Downward revisions in global growth forecasts by OECD and European Central Bank have capped bullish gains", said Benjamin Lu of Singapore-based brokerage Phillip Futures.

China's imports of crude oil and natural gas jumped in 2018.

However, the progress of the project had got a jolt after 42,000 notices for land survey and acquisition, which were served to families in 17 villages of Ratnagiri district, were put on hold by the state government, following an electoral arrangement between Sena Chief Uddhav Thackeray and Chief Minister Devendra Fadnavis.

"We will see what happens by April, if there is any unforeseen disruption somewhere else, but barring this I think we will just be kicking the can forward", Falih said.

The agency suggested that US' crude oil exports will almost double, reaching about 9 million barrels per day by 2024, which means it has a tangible chance of surpassing Russian Federation and even Saudi Arabia at that point.

"This shows Saudi Arabia's resolve to keep the oil market balanced by keeping oil supply tight", said Carsten Fritsch, an analyst at Commerzbank.

The Bloomberg Dollar Spot Index declined for a third straight day, falling as much as 0.2%.

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