Oil prices rallied on Wednesday after reports of a drop in US oil inventories and expectations of OPEC production cuts aimed at tightening the market to be expanded after next March.
Brent crude futures, the international benchmark for oil prices, were $ 63.07 a barrel, up 50 cents, or 0.8 percent, since their last close.
US Texas Crude Oil (WTI) futures were $ 57.74 a barrel, up 92 cents, or 1.6 percent.
JP Morgan said in its 2018 outlook released on Tuesday that “oil markets in 2018 will be balanced amid extended ... production cuts,” but added that without these cuts, markets would be in abundance.
“We expect Brent to average $ 58 per barrel in 2018,” the American bank said. "WTI is expected to average $ 54.6 per barrel."
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