Crude oil prices continue to surge near $50 a barrel Wednesday morning amid speculation that non-OPEC supplies are dwindling.
The Energy Information Administration said in its monthly outlook that U.S. crude production fell 120,000 barrels a day in September from a month earlier.
That’s a sign that OPEC is winning a price war with U.S. and Canadian producers.
The American Petroleum Institute reported that U.S. crude-oil inventories dropped by 1.2 million barrels last week.
Official data from the Energy Information Administration is due out this morning.
Crude oil for November was up 92 cents at $49.45 a barrel, its highest since August.
The material has been provided by InstaForex Company – www.instaforex.com