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Crude Oil On Verge Of Slipping Below $60

Crude oil futures continued to fall Friday morning amid a stronger U.S. dollar and robust U.S. production.

The Energy Information Administration lifted its forecasts for 2018 and 2019 U.S. crude-oil production earlier this week.

WTI light sweet crude oil was down 40 cents at $60.31 a barrel.

On the economic front, the Commerce Department's Wholesale Trade for December will be issued at 10.00 am ET. The consensus is for 0.2 percent, down from 0.8 percent in November.

Baker-Hughes Rig Count for the week is expected at 1.00 pm ET. The North American Rig Count has risen for the past two weeks as drillers look to take advantage of plus-$60 oil. The number of new drills in the Permian Basis has risen sharply.

The U.S. is now the number one oil and natural gas producer, according to the BP Statistical Review of Energy.

by RTT Staff Writer

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