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Forecasts of Oil-Stock Drop: Data Released Tonight

By Eleanor Bridger  |  24/10/2017 17:48
The EIA received another boost during expectations that major global producers may extend a deal that would curb production beyond its current expiry date in March.

The original deal was struck nearly a year ago, between OPEC and 10 other non-OPEC countries that are led by Russia. This cut production by 1.8 million barrels a day for six months. Since, it was extended in May for a period of nine months - March 2018 - in the hopes of reducing global oil inventories and support prices.

U.S. West Texas Intermediate (WTI) crude futures was little changed at $51.91 a barrel by 3:05AM ET (0705GMT).

Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., was stable at $57.41 a barrel.

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