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Oil prices rise due to lower production forecast in the U.S. in 2018

Oil prices rose significantly on Wednesday morning due to lower forecast of raw materials production in the U.S. next year.

12.Jul.17 5:08 AM
By Daria Zaytseva


Oil prices rise due to lower production forecast in the U.S. in 2018

To 9.08 GMT, futures on Brent crude rose by 1.49 percent to $48.23 per barrel.

Futures for American oil WTI by this time traded at $ 45.84 per barrel, 1.78 percent higher than the previous closing.

The U.S. Energy Information Administration (EIA) on Tuesday lowered the forecast for oil production in the U.S. in 2018. According to EIA calculations, oil production in the U.S. will increase to 9.9 million barrels per day in 2018 from 9.3 million barrels per day this year - an increase of 570,000 barrels per day against the previous forecast of 680,000 barrels per day.

Nevertheless, despite a slight correction of the forecast, oil production of 9.9 million barrels per day will be a record high for the United States, added to the EIA.

Another factor supporting the quotations investors call the reduction of weekly stocks of oil and petroleum products in the U.S.

U.S. oil inventories declined by 8.1 million barrels to 495.6 million in the week ended July 7, while analysts predicted a 2.9 million barrel decline, the American Petroleum Institute (API) said on Tuesday.

The focus of investors' attention is official statistics from the EIA.

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