Oil prices rebound from one-week lows

Oil futures rose in American trade away from March 8 lows for the second straight session even as the dollar index rebounded from March 8 lows as well, following earlier data from the US, the world's largest energy consumer, while the International Energy Agency unveiled its latest oil market projections. 

As of 05:03 GMT, US West Texas Intermediate futures due on April 15 rose 0.46% to $61.24 a barrel from the opening of $60.96, while Brent futures due on May 15 added 0.25% to %$65.05 a barrel from the opening of $64.89, as the dollar index climbed 0.41% to 90.07 from the opening of 89.70. 

Earlier US data showed unemployment claims fell 4 thousand to 226 thousand from 230 thousand in the previous report, below forecasts of 227 thousand, while the Philly Manufacturing Index slowed down to 22.3 from 25.8 in February, missing expectations of 23.1. 

The Empire State Manufacturing Index rose to 22.5 from 13.1, beating expectations of 14.9, while import prices slowed down to 0.4% from 0.8% in January, beating forecasts of 0.3%. 

The Energy Information Administration released its report on US crude inventories, showing a buildup of 5 million barrels in the week ending March 9, adding to the 2.4M increase in the previous reading, while analysts expected only a 2.2M buildup, with total stocks now reaching 430.9 million barrels, settling into the lower medium range on average in this time of year. 

Gasoline stocks fell 6.3 million barrels, while distillate stocks, including heating fuel fell 4.4 million barrels, also settling into the medium range on average in this time of year. 

The International Energy Agency released its new projections for the oil market on Thursday, raising global demand growth forecasts by 90 thousand bpd to 1.5 million bpd in 2018, while also raising demand on OPEC to 32.4 million bpd. 

The IEA expected output growth outside OPEC to steady at 1.8 million bpd, noting that US protectionism represents a risk to global growth and trade. 

Finally, the EIA expected the global oil market to witness a small surplus in the first quarter before registering a deficit throughout the rest of 2018. 

OPEC released its expectations for oil output, projecting an increase of 1.66 million bpd in 2018, compared to 1.4 million bpd in previous forecasts, while slightly raising demand growth forecasts to 1.6 million bpd from 1.59 million. 

OPEC reported a rise in OECD oil inventories by 13.7 million barrels in January, while Saudi Arabia pumped 9.935 million bpd in February, as Venezuelan's output tumbled to record lows at 1.586 million bpd. 

Otherwise, the Wall Street Journal reported divisions inside OPEC on the right price for oil, with Saudi Arabia looking for $70, while Iran looking for $60. 

90% of Saudi Arabia's government budget depends on oil returns, making it crucial to raise price targets, even though the country leads the deal to cut output by 1.8 million bod around the world in cooperation with Russia. 

Baker Hughes, an oil services company, recently released its report on the US oil rig count, showing a drop of 4 rigs for the first time in seven weeks to a total of 796 rigs, marching away from April 2015 peaks.