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Crude Oil Rally Resumes On Rosier Outlook

Crude oil prices rose Wednesday after the Energy Information Administration said it expects U.S. crude oil production in 2018 to rise by more than previously expected.

The EIA also raised its crude oil price outlook for both West Texas and Brent oil this year and next.

For 2018, it forecast WTI $50.57-up 2% from the previous outlook. The EIA also upped its 2017 forecast on Brent crude by 2.7% to $52.43 and its 2018 outlook by 4.8% to $54.07.

Meanwhile, OPEC production has risen in defiance of its supply quota plan, data showed today. The cartel, however, sees strong global demand in 2018 will help end the stubborn supply glut.

November West Texas Intermediate crude rose 38 cents, or 0.8%, to settle at $51.30 a barrel on the New York Mercantile Exchange, a third consecutive daily gain.

Markets await U.S. inventories data from the American Petroleum Institute this afternoon.

by RTT Staff Writer

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