Markets > Commodities

Oil prices rise as output expectations fall

NEW YORK
2017-07-12 04:47

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Oil prices ended higher on Tuesday as government data showed U.S. oil production is expected to decline next year.

The U.S. Energy Information Administration (EIA) on Tuesday forecast that U.S. drillers would produce 9.9 million barrels a day in 2018, lower than last month's expectation of 10 million barrels a day.

Meanwhile, a weaker dollar also spurred market sentiment for the dollar-priced oil.

The West Texas Intermediate for August delivery added 64 cents to settle at 45.04 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery gained 64 cents to close at 47.52 dollars a barrel on the London ICE Futures Exchange.

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