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RBC: US oil production boom won’t push prices much lower

Posted on 11 February 2014

The explosion of U.S. oil output won’t push prices much lower, according to analysts at RBC Capital Markets. They forecast West Texas Intermediate oil prices will trade largely between $92 and $94 this year and next, CNBC reports. March WTI settled at $99.88 Friday.
U.S. oil production has soared by almost 50 percent from its 2008 low, to 8 million barrels per day. Thanks to the shale boom, output could increase by at least 700,000 barrels per day each year through 2016, according to RBC, CNBC reports………………………………………..Full Article: Source


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