Crude oil is rallying

Crude oil is rallying.

West Texas Intermediate crude climbed by more than 3% to as high as $US53.70 per barrel.

Prices have climbed steadily so far this week after the Energy Information Administration’s drilling productivity report published Monday showed drilling in the Bakken and Eagle Ford regions will slow down month-over-month in April.

Prices dipped slightly on Tuesday afternoon after the EIA’s annual energy outlook increased its forecast for oil production, projecting that the US will produce 10.6 million barrels per day in 2020.

The report also showed that the US is set to stop being a net importer of energy, and oil imports and exports will come into balance for the first time over 50 years.

Here’s the movement in oil prices:

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