Oil prices rose for a third day on Wednesday as OPEC said the market was gradually tightening after years of oversupply, but the 2018 outlook was less certain.
Brent crude futures, the international benchmark for oil prices, were trading at $56.80 per barrel at 1129 GMT, up 19 cents. Brent closed 2 percent higher the previous day.
U.S. West Texas Intermediate (WTI) crude futures were at $51.31 a barrel, up 39 cents from their last settlement. WTI also closed 2 percent higher on Tuesday.
On Wednesday, the Organization of the Petroleum Exporting Countries forecast higher demand for its oil in 2018 and said its production-cutting deal with rival producers was clearing the glut after more than three years of excess.
“OPEC and key non-OPEC oil producers continue to successfully…
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