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Crude Oil Rallies To Fresh 2-Year Highs

Crude oil futures resumed their rally Thursday morning ahead of U.S. inventories data.

The American Petroleum Institute will report its stockpiles survey this afternoon, followed tomorrow by the Energy Information Administration's weekly report.

Inventories have been tumbling for the past weeks, helping fuel the rally in oil prices.

Oil has jumped to its highest since 2015 despite speculation that the U.S. wil continue its robust shale oil production. OPEC is capping its own output, but the U.S. and Canada are seen making up most of the shortfall.

WTI light sweet oil was up 50 cents at $60.87 a barrel, also powered by political turmoil in Iran.

ISM Manufacturing Index for the week is expected at 10.00 am ET. Economists are looking for a reading of 58.00, after 58.2 in the prior month.

The Commerce Department's construction spending for November will be published at 10.00 am ET. The forecasters are looking for 0.6

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