Iraqi commercial sources announced, Thursday, that Iraq is planning to export about 3.22 million bpd of crude oil from the southern port of Basra in May. According to Reuters data, these quantities are the largest since February. Basra's light crude supply is expected to rise slightly in May to 2.38 million bpd from 2.34 million barrels planned for April. Basra's heavy crude exports are expected to reach 839,000 bpd in May, up from 833,000 bpd in April.

Meanwhile, crude oil futures settled on Thursday as the market's focus shifted between rising US production and OPEC production cuts and other producers. According to Reuters, settled prices for crude oil for global benchmark Brent at $ 55.86 a barrel. Contracts rose to a one-month high of $ 56.65 on Wednesday before losing gains.

US WTI futures fell six cents to $ 53.05 a barrel. The contracts hit their highest level since March 7 at $ 53.76 a barrel at the previous session. Traders are focusing on preliminary data for US production estimates in the US Energy Information Administration's weekly report indicating that domestic production is still rising.

Inventories at the Cushing's delivery center in the US state of Oklahoma rose 276,000 barrels in the week ending April 7, the report said. But the data showed an unexpected decline in total US crude inventories, which fell 2.2 million barrels last week, while imports fell 717 thousand barrels per day. Brent crude and West Texas Intermediate crude rose in recent sessions after reports that Saudi Arabia was pushing OPEC member states and some competitors to extend production cuts beyond June.