The International Energy Agency (IEA) says it expects supply from non-OPEC nations to grow by 1.8 million bpd to 97.9 million bpd in 2018. Led by the United States, crude output is forecasted to rise by 1.3 million bpd during 2018 to more than 11 million bpd by the end of the year. WTI Crude is $61.28; Brent is $65.11 this morning.
Surging U.S. shale production is keeping the market well supplied right now, but soaring demand and the lack of major conventional projects in the works will lead to a price spike somewhere down the line.
WTI Crude is $61.22; Brent is $65.04 this morning.
Libyan oil loadings were suspended due to a strike, settling crude prices. Oil had moved lower after the U.S. Energy Information Administration published a report saying production from seven major U.S. shale plays is expected to climb to a high of 6.82 million barrels oil per day.
WTI Crude is $61.11; Brent is $64.91
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