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Crude Oil Prices Move Lower with US Inventory Data in Focus

13 October 2017

Oil prices edged up on Wednesday, rising for a third day on signs that markets are gradually tightening after years of oversupply, although the outlook for 2018 remained less certain.

Elsewhere, for December delivery on the ICE Futures Exchange in London was down 22 cents or about 0.39% at $56.72 a barrel.

Analysts and traders were expecting the from the U.S. Energy Information Administration due later Thursday to show a decline in crude stockpiles for the week ended October 6. US light crude was down 67 cents to $50.63 a barrel.

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The Organisation for Economic Co-operation and Development's (OECD) commercial stocks fell 14.2m barrels in August to just over 3bn barrels, leaving the surplus 170m barrels over the five-year average, down from 318m barrels at the end of January.

The agency forecast that 2018 crude oil output will rise by 680,000 barrels per day (bpd) to 9.92 million bpd.

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Carsten Fritsch, commodities analyst at Commerzbank in Frankfurt, said the tone of the IEA report was bearish because it suggested that demand for OPEC crude next year would not be sufficient to absorb all the available supplies.

The entity said the world would need 33.06 million barrels per day (bpd) of its crude next year, 230 thousand barrels morer than its previous forecast.

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Crude Oil Prices Move Lower with US Inventory Data in Focus