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Crude Oil In The Doldrums Amid U.S. Boom

Crude oil futures were flat Thursday morning as traders looked ahead to U.S. jobs data and the weekly rig count.

Earlier in the week, the IEA said that U.S. production would continue to soar in the next two years. The agency predicts that the U.S. will become the world's biggest oil producer surpassing Russia.

Because of this, OPEC's supply quota plan has essentially flopped. The cartel will also need to boost production in order to preserve market share.

WTI light sweet oil was up 6 cents at $61.21 a barrel.

Also keeping oil near $60 a barrel, Friday's jobs report for February may show wages are on the rise, cementing a March rate hike.

Yesterday, ADP said employment in the private sector jumped by 235,000 jobs in February after surging up by a revised 244,000 jobs in January.

by RTT Staff Writer

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