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Crude Oil Flat As OPEC Acknowledges U.S. Shale Boom

Crude oil futures were flat Monday moring as OPEC raised its forecast for non-OPEC production due to the U.S. shale oil boom.

The cartel also lifted its demand forecast but warned about possible negative implications from U.S. trade squabbles.

OPEC expects the world to consume 98.85 million barrels a day, up 1.65 million barrels a day from last year.

U.S. production has soared to 10.7 million barrels a day, according to preliminary weekly data from the Energy Information Administration. The U.S. is about to overtake Russia as the world's top producer.

WTI light sweet oil was up 10 cents at $70.80 a barrel, staying near last week's 4-year peak.

"So far the impact on the global economy has been minor and negligible, but the build-up of potentially disruptive concerns has increased," OPEC said.

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