Stock advisory Company >> Crude futures recover on ongoing pipeline shutdown
Crude oil futures made some recovery on Thursday supported by ongoing pipeline shutdown and shrugged off data forecasting a faster than expected rise in US shale oil production next year. The International Energy Agency (IEA) in its monthly oil market report, published on Thursday, revised upward its projection for US oil production. It raised US crude oil growth to 390,000 barrels per day (bpd) this year and 870,000 bpd for 2018. Non-OPEC output, led by the US, will rise by 630,000 bpd in 2017, followed by an increase of 1.6 million bpd during 2018.
Benchmark crude oil futures for January delivery ended higher by $0.44 or 0.8 percent at $57.04 a barrel on the New York Mercantile Exchange. Brent crude for February delivery was up by $0.87 to $63.31 a barrel on the ICE.
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