US Cash Crude-Mars firms after OPEC+ issues plan for oil cuts

March 20 (Reuters) - Mars strengthened on Thursday, dealers said, bouncing off nearly two-month lows after OPEC+ issued a new plan for oil cuts to compensate for overproduction.

Mars Sour WTC-MRS strengthened 25 cents to a 90-cent premium to U.S. West Texas Intermediate crude, the lowest since late January.

The grade had seen choppy trading in recent weeks, rising on worries of a heavy crude shortage due to U.S. President Donald Trump's tariffs on Mexico and Canada, and easing as tariff threats receded.

Meanwhile, OPEC+ on Thursday issued a new schedule for seven member nations to make further oil output cuts to compensate for pumping above agreed levels, which will more than overtake the monthly production hikes the group plans to introduce next month.

The U.S. issued new Iran-related sanctions, targeting entities including for the first time a Chinese "teapot," or independent refinery, and vessels that supplied crude oil to such processing plants.

The Trump administration is considering a plan to extend Chevron's CVX.N license to pump oil in Venezuela, the Wall Street Journal reported on Thursday, citing people familiar with the discussions.

Light Louisiana Sweet WTC-LLS for April delivery eased 40 cents to a midpoint of a $2.20 premium and was seen bid and offered between a $2.00 and $2.40 a barrel premium to U.S. crude futures CLc1

Mars Sour WTC-MRS gained 25 cents to a midpoint of a 90-cent premium and was seen bid and offered between a 70-cent and $1.10 a barrel premium to U.S. crude futures CLc1

WTI Midland WTC-WTM weakened 10 cents to a midpoint of a $1 premium and was seen bid and offered between an 80-cent and $1.20 a barrel premium to U.S. crude futures CLc1

West Texas Sour WTC-WTS gained 5 cents to a midpoint of a 30-cent premium and was seen bid and offered between a 10-cent and 50-cent a barrel premium to U.S. crude futures CLc1

WTI at East Houston WTC-MEH, also known as MEH, traded between a $1.20 and $1.50 a barrel premium to U.S. crude futures CLc1

ICE Brent May futures LCOc1 rose $1.22 to settle at $72 a barrel on Thursday.

WTI April crude CLc1 futures rose $1.10 to settle at $68.26 a barrel on Thursday.

The Brent/WTI spread WTCLc1-LCOc1 widened 2 cents to last trade at minus $3.89, after hitting a high of minus $3.85 and a low of minus $3.94.