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News: Crude oil makes it three wins in a row

  1. Crude oil futures closed higher today for a third straight session.

    A continued drop in U.S. rig counts helped ease market worries over the nation's supply glut and the Organization of the Petroleum Exporting Countries (OPEC) upped its 2015 expectations for world oil demand growth.

    West Texas Intermediate for March delivery rose 2.3% to settle at US$52.86 a barrel on the New York Mercantile Exchange.

    OPEC forecast demand for the cartel's oil will average 29.21 million barrels per day (bpd) in 2015, up 430,000 bpd from its previous forecast.

    In its monthly report, the group also slashed its outlook for crude supply growth in non-OPEC countries, citing a slowdown in the U.S. shale boom and lower capital investment by energy firms.

    Meanwhile, data from U.S. oil services firm Baker Hughes on February 6 showed that the number of rigs drilling for oil in the United States fell to 1,140 last week, the lowest since December 2011.

     

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