Oil

Brent crude futures settled at $67.54 a barrel, rising 38 cents, or 0.6 percent.

The U.S. rig count is a little higher than a year ago.

The rebirth of the U.S. energy industry also reflects well on the fact that President Trump is making good on his promise to bring back manufacturing jobs and make America’s economy the envy of the world.

OPEC sources have said an extension of the supply-cutting pact beyond June is the likely scenario.

FBN’s Trish Regan on reports that China is trying to help the Maduro dictatorship fix Venezuela’s power grid.

The agency went ahead with the proposal over the objections of the oil industry.

A involuntary supply curbs in OPEC members, caused by unrest in Libya and U.S. sanctions on Iran and Venezuela, have also boosted prices.

Oil markets have been supported this year by ongoing supply cuts.

So far oil demand has held up, especially in China, where imports of crude remain above 10 million barrels per day (bpd).

U.S. sanctions against the oil industries of OPEC members Iran and Venezuela have also had an impact, traders said.

Exxon expects to spend in the range of $63 billion to $65 billion in 2019 and 2020.

Oil companies are trying to win back investors after years of underperforming other industrial sectors and the S&P 500.

Concern about a slowdown in oil demand growth has weighed on prices.

Hopes that the trade spat between the two world's biggest economies added support to the market.

This is different than the California gold rush.

The fall in OPEC production comes at a time when the United States is pumping oil at record rates.