Saudi Arabia says it will not increase its oil output over the next two to three years unless a more than substantial deficit builds in global oil markets. Traders are bracing for today's supply data to show a build in U.S. stockpiles. WTI Crude is $62.95; Brent is $66.58 this morning.
The U.S. Energy Information Administration says U.S. output will exceed 11 million bpd by late 2018, passing top-producer Russia. U.S. oil exports are increasing, including to the world’s biggest and fastest growing markets in Asia. WTI Crude is $63.75; Brent is $67.42 this morning.
Analysts say demand will be strong enough to see oil in the $60 to $70 range for this year. Hedge funds and money managers upped their bullish wagers on U.S. crude oil for the first time in a month. WTI Crude is $63.47; Brent is $67.12 this morning.
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