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UPDATE 4-Oil prices ease on rising output from U.S. producers

UPDATE 4-Oil prices ease on rising output from U.S. producers
From Reuters - November 23, 2017

LONDON (Reuters) - Oil slipped on Thursday on concerns that rising U.S. output would hamper OPECs attempts to tighten supplies, outweighing worries about the shutdown of a major U.S. pipeline.

Brent crude LCOc1 traded at $62.92 per barrel at 1216 GMT, or 40 cents below its last close.

U.S. light crude CLc1 was down 16 cents on the day at $57.86, easing back from a two-year high of $58.15 hit on Wednesday following news that TransCanada Corps (TRP.TO) Keystone pipeline was shut due to an oil spill.

The pipeline carries 590,000 barrels per day (bpd) from Canada to the United States. It is expected to stay shut for several weeks.

The boost to prices was short-lived as rising output in the United States has renewed concerns about global oversupply.

U.S. output C-OUT-T-EIA has risen by 15 percent since mid-2016 to a record 9.66 million bpd, helping turn the United States from the worlds biggest importer to a major exporter.

The U.S. will, without question of doubt, be the biggest oil producer in the world in the next five years. They are producing... at half the cost than they were just two years ago, said Matt Stanley, fuel broker at Freight Investor Services in Dubai.

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