Crude oil futures extended their gains on Wednesday, after Opec said demand for oil is set to increase in 2018 raising investor expectations that higher demand will rein in excess supplies. OPEC indicated that market re-balancing will continue amid forecasts that global oil demand will rise by around 30,000 barrels a day for this year and 2018. Also, the Energy Information Administration (EIA) said it expects U.S. crude oil production in 2018 to rise by more than previously expected. The EIA also raised its crude oil price outlook for both West Texas and Brent oil this year and next.

Benchmark crude oil futures for November delivery ended higher by $0.38 or 0.72 percent at $51.30 a barrel on the New York Mercantile Exchange. Brent crude for November delivery gained 0.23 cent to $56.84 a barrel on the ICE.

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