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Light, sweet crude oil prices gained for a third consecutive trading session on the New York market Feb. 14, settling above $54/bbl. Meanwhile, the gap between Brent and US futures widened with Brent settling at about a $10/bbl premium above light, sweet crude. Analysts said oil prices also climbed this week because of expectations that US President Donald Trump would extend a March deadline for implementing additional US tariffs on Chinese goods. Trade talks are continuing.

The US House Judiciary Committee approved a fresh bill by voice vote on Feb. 7 to amend the Sherman Antitrust Act to make oil producing and exporting cartels illegal. H.R. 948, which committee member Steve Chabot (R-Ohio) introduced on Feb. 4, reportedly gained traction following reports that OPEC was considering formalizing its relationship with Russia and other non-OPEC producers and might discuss the matter when it meets with those countries representatives in Vienna on Apr. 18.

Benchmark crude oil prices edged up on both London and New York markets Mar. 12 pending release of the weekly US government report on oil and product inventory levels. The US Energy Information Administration was scheduled Mar. 13 to release its weekly data.

Production of crude oil from the Organization of Petroleum Exporting Countries averaged 32.5 million b/d in 2017, a 200,000-b/d decrease from 2016 levels, and OPEC oil production will average 32.7 million b/d in 2018, according to the US Energy Information Administrations latest Short-Duration Energy Outlook.

The US Bureau of Ocean Energy Management announced it will publish a call in the Mar. 30 Federal Register for information and nominations for a proposed 2019 Beaufort Sea oil and gas lease sale. 

The light, sweet crude oil contract for May settled above $50/bbl on the New York market Mar. 30 while the May Brent contract settled above $52.90/bbl in London. Prices edged lower on both markets on Mar. 31.

Spains Compania Espanola de Petroleos SA (CEPSA) and Algerias Sonatrach have signed an agreement that will have particular relevance to oil field contracts in Algeria. CEPSA has maintained its exploration and production activities in that country for the past 30 years without interruption, the company said.

Petrobras has entered three agreements to sell pipeline and oil and gas producing interests in deals worth a total of $10.3 billion as part of a divestment program.

Twenty-one US Senate Democrats and Independent Bernie Sanders (Vt.) expressed their opposition to what they said are Trump administration plans to roll back offshore blowout preventer (BOP) system and well control regulations imposed following the 2010 Macondo wells destruction and subsequent massive crude oil spill.

Five Republican US senators introduced legislation aimed at reforming federal onshore oil and gas policies by giving states authority to control permitting and regulatory responsibilities on federal land within their borders.