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US Oil Output Poised to Rise Amid OPEC Deal -- Market Talk
DOW JONES & COMPANY, INC. 9:20 AM ET 12/1/2016
10:20 ET - US oil producers are poised to boost output 2-4% next year in response to rising prices amid the OPEC deal, predicts Cowen. It sees US oil moving toward $55/barrel--a level at which domestic firms can boost output slightly without doing so enough to flood the market or offset the OPEC cuts. As such, the investment bank says shares of US producers are likely to rally in 2017, with the only headwind being higher service costs. Cowen says they may end up being above what many producers expect. After yesterday's 4.8% gain, the biggest for the S&P 500 energy sector in 15 months, it's up another 1.6% today in again leading the market. ([e-mail]; @bradnews)


(END) Dow Jones Newswires
12-01-161020ET
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