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U.S. oil ends slightly lower as market weighs forecast for increased demand against shale output
Wednesday, 14 February 2018 03:07 WIB | ENERGY |Minyak WTI

Oil prices turned finished lower Tuesday in up-and-down trade, as investors digested a report from the International Energy Agency forecasting strong global crude demand amid rising production from non-OPEC countries.

March West Texas Intermediate crude oil CLH8, -0.19% finished off 10 cents, or 0.2%, at $59.19 a barrel. The IEA said an inundation of the market from outside of the Organization of the Petroleum Exporting Countries, mostly driven by shale-oil producers in the U.S., might resemble a period back in 2014, when ballooning production capsized crude prices.

The report also was upbeat on demand. Looking ahead, investors are awaiting the weekly U.S. petroleum supply and production report from the American Petroleum Institute later Tuesday and a similar report from the EIA due Wednesday.

Source: Marketwatch

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