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Crude Oil Slides Ahead Of EIA Inventories

Crude oil futures were lower Thursday after an industry report showed U.S. oil inventories unexpectedly climbed last week.

WTI light sweet crude oil was down 72 cents at $50.58 a barrel.

U.S. crude oil stocks rose 3.097 million barrels at the end of last week, the American Petroleum Institute (API) said.

The Energy Information Administration is out with government numbers this morning.

Yesterday the EIA said it expects U.S. crude oil production in 2018 to rise by more than previously expected.

The agency 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.

by RTT Staff Writer

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