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2020.01.2119:20:00UTC+00Crude Oil Futures Settle Lower

Crude oil prices edged lower on Tuesday as a report from the Energy Information Administration (EIA) forecasting a sharp climb in oil production in the U.S. outweighed concerns about supply disruptions in Libya.

Traders were also weighing the possible impact of the coronavirus outbreak in China on energy demand.

West Texas Intermediate Crude oil futures for March, the new front-month contract, edged down $0.20, or about 0.3%, to $58.38 a barrel.

West Texas Intermediate Crude oil futures for February expired at $58.34 a barrel, down $0.20, or 0.3% from previous close.

On Friday, WTI crude oil futures for February ended at $58.54 a barrel, gaining 2 cents for the session.

According to a report from the EIA, crude oil production from seven major U.S. shale plays may climb by 22,000 barrels a day in February to 9.2 million barrels a day. Oil output from the Permian Basin, which covers parts of western Texas and southeastern New Mexico, is expected to see the biggest increase, up 45,000 barrels a day in February from January, the report said.

The International Energy Agency said in its report last Thursday that it expects supply from OPEC will exceed demand for its crude, despite compliance with output cuts.

OPEC too has said supply from non-OPEC nations too far exceeds demand for crude.

According to a report released by Baker Hughes on Friday, the number of active U.S. oil rigs increased by 14 to 673 last week, had declined in the previous three weeks.

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