“We’re entering a phase when all the excess capacity will be resized to the new US world market share,” said Subash Chandra, managing director and senior equity analyst at Guggenheim Partners. “I don’t expect prices to go above $70-75/bbl. If it hits $90, US producers will start working full-out again.”

The Organization of the Petroleum Exporting Countries doesn’t see oil prices consistently trading at $100 barrel again in the next decade, a pessimistic assessment that has the group considering the return of production limits to influence the market, according to a draft of the cartel’s latest strategy report.

Recent and projected increases in U.S. crude oil production have sparked discussion about how current limitations on crude exports affect prices, including world and domestic crude oil and petroleum product prices, and the level of domestic crude production and refining activity.

Occidental Petroleum Corp boosted its 2015 production forecast on Wednesday after reporting an adjusted quarterly profit in line with expectations as cost cuts helped balance the recent drop in oil prices. Occidental raised its 2015 output forecast by 20,000 barrels of oil equivalent per day (boe/d), citing “a more optimistic outlook for the remainder of the year.”

Banks in the U.S. are cutting credit lines to energy companies and forcing firms to cough up more collateral to guard against fallout from the past year’s plunge in oil prices, a Federal Reserve survey found.

The head of oil in Saudi Arabia reaffirmed the country's commitment to supplying oil resources to meet increasing demand in Asia, Reuters reported. Oil Minister Ali al-Naimi recently visited China and said that oil demand in Asia is still strong, citing the increasing need for energy as the middle class grows.

Imports from the European Union (EU) will drop because Russian gas is now competitive, according to state-run NAK Naftogaz Ukrainy. Flows from Slovakia, the EU’s biggest supplier to Ukraine, may fall by a quarter from May, Tomas Marecek, the chairman of Slovak grid operator Eustream, said.

Russian oil and gas condensate production, among the world's largest, remained at a post-Soviet record level of 10.71 million barrels per day in April, underpinned by a recent recovery in oil prices, Energy Ministry data showed on Saturday.

Monthly average crude oil prices increased in February. The average domestic crude oil first purchase price rose $1.29 (3.0 percent), to $44.35 per barrel.

Chevron Corp. reported first-quarter earnings of $2.6 billion, down from $4.5 billion in first-quarter 2014. Sales and other operating revenues in first quarter totaled $32 billion, compared with $51 billion a year earlier.