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Crude Oil Rebounds Despite Citi Warning

Crude oil futures continued to rise Thursday despite an analyst report tempering expectation for further supply cuts from OPEC.

Citigroup warns the meeting upcoming OPEC meeting will disappoint traders looking for a significant extension for the supply quota plan with Russia.

"There is an exuberance in the market about there being a done deal to extend through the end of 2018 and I think there's likely to be disappointment in that come Nov. 30," Ed Morse of Citigroup told Bloomberg. "Our base case is that we do not get a full-year extension on Nov. 30."

WTI light sweet crude oil rose 35 cents to $57.16 a barrel, as the bulls again took charge after yesterday's decline.

Oil has jumped to the highest in two years on speculation the global oil market will re-balance in the near future.

by RTT Staff Writer

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