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12-Sep2018

Crude oil futures end higher as EIA cuts crude output forecast

Crude oil futures ended higher on Tuesday as the US government cut its forecasts for domestic production and concerns continued to grow over the potential for tighter global supplies ahead of renewed sanctions on Iran. It is expecting that the Energy Information Administration (EIA) to report a fall of 2.7 million barrels in crude supplies for the week ended September 7. Meanwhile, in a monthly report, the EIA said that Iranian crude production was down 200,000 barrels a day in August compared with July. Beside, some support also came in as a major hurricane approaching the US East Coast boosted demand for fuel and threatened the flow of gasoline through a key pipeline.

Benchmark crude oil futures for October surged $1.71 or 2.5 percent to settle at $69.25 a barrel on the New York Mercantile Exchange. November Brent crude rose 1.69 or 2.2% to settle at $79.06 a barrel on London's Intercontinental Exchanged.


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