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Crude oil futures end higher as signs of supply crunch linger

Crude oil futures ended higher for second straight day on Tuesday on signs of a supply crunch lingered and traders assessed the latest output forecasts. The Energy Information Administration (EIA) trimmed its forecasts for US crude production for this year and next, but both years are still on track for new production records. For 2020, the EIA cut its US oil output forecast by 1.3% to 13.03 million barrels a day. The March forecast expects the United States to become a net exporter of crude oil and petroleum products in 2020.

Benchmark crude oil futures for April added 8 cents or 0.1 percent to settle at $56.87 a barrel on the New York Mercantile Exchange. May Brent crude gained 9 cents or 0.1 percent to settle at $66.67 a barrel on London's Intercontinental Exchange.

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