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Crude Oil Settles Lower On Bump In OPEC Production

Crude oil futures inched lower Tuesday ahead of U.S inventories figures.

The American Petroleum Institute releases its inventories survey this afternoon, followed by official numbers from the Energy Information Administration tomorrow morning.

Stockpiles are expected to fall amid increased refinery demand for crude oil.

However, the global supply glut may linger into 2018 as OPEC is struggling to acheive compliance with its supply quota plan.

OPEC leader Barkindo said compliance was high, but at 86% last month, the cartel will simply need to get more nation's to fully commit. September figures show that OPEC's oil production rose in September, according to a new Bloomberg survey.

WTI light sweet crude oil was down 16 cents at $50.43 a barrel.

by RTT Staff Writer

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