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Crude Oil Marches Toward $50 Despite OPEC

U.S. crude oil futures continued to rise Thursday despite news that OPEC production rose last month in defiance of their supply quota agreement with Russia.

Organization of the Petroleum Exporting Countries' output rose by roughly 0.5%, to 32.87 million barrels a day last month, up by 172,600 barrels from June.

OPEC has pledged to extend its supply quota plan through 2018 if necessary in order to re-balance oil markets.

While OPEC continues to pump oil at a robust pace, U.S. producers have apparently scaled back.

US inventories have been falling sharply this summer, and tumbled 6.5 million barrels last week.

WTI light sweet crude oil was up 35 cents at $49.93 a barrel this morning.

by RTT Staff Writer

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