Reuters | Oil gains after drop in US inventories adds to supply concerns Reuters “Despite an oil price of over $70 per barrel and the fact that the oversupply has been eliminated, a phase-out of the production cuts will not be on the agenda,” Fritsch said. Oil has been supported by the perception among investors that tensions in ... Oil prices rise on optimism ahead of US supply data Oil Markets: The Calm Before The Storm | OilPrice.com Oil Rallies as Drop in US Inventories Adds to Political Risks |