Oil Holds Gains Near 3-Year High as U.S. Stockpiles Extend Drop

Oil is extending gains after climbing more than 12 percent last year as the Organization of Petroleum Exporting Countries and its allies cut output to trim a global glut. However, the recent surge in WTI may lead to expanded U.S. output. The drill rig count will “substantially increase” with crude prices between $61 and $65 a barrel, according to 42 percent of industry executives that responded to a Dallas Federal Reserve survey last month.

For details click: https://www.bloomberg.com/news/articles/2018-01-04/oil-holds-gains-near-3-year-high-as-u-s-stockpiles-extend-drop

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