U.S. Crude Finishes 0.26% Higher As Investors Anticipate Drop in Supply

CNBC | Staff

Morgan Stanley analysts expect that demand will outpace supply in 2018, with supply growth primarily coming from the U.S.  

Oil edged higher on Tuesday, supported by strong demand, expectations of a drop in U.S. crude inventories and an OPEC-led deal to extend oil output cuts. “Demand remains firm which is the main reason for us to still see oil at above $60 per barrel,” said Georgi Slavov, head of research at Marex Spectron. Faster-than-expected growth in demand this year has given tailwind to OPEC’s efforts to clear the glut and the latest U.S. inventory reports are likely to show a third straight weekly drop in crude stocks.

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