Oil Climbs After U.S. Crude Output Forecast Is Cut for Next Year

12 Jul 2017   Prices

EIA cuts 2018 production forecast to 9.9 million barrels a day U.S. crude supplies seen dropping 2.45 million barrels: Survey Oil rose the most in more than a week after the Energy Information Administration cut its U.S. crude output forecast for next year and as investors focused on the pace of rebalancing. Futures advanced 1.4 percent in New York, after fluctuating between gains and losses during the session. The EIA cut its 2018 crude output forecast to 9.9 million barrels a day from 10.01 estimated in June. It’s the first time the EIA lowered its forecast for 2018 production since the agency started posting the estimates in January. The market earlier shrugged off a report that Saudi Arabia, the world’s biggest oil exporter, told OPEC it raised output above its agreed-upon limits. “This pull-back in production is kind of wake-up call to people who thought that shale was going […]

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