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1st LD Writethru: Oil prices rally amid falling output forecast

Xinhua, October 7, 2015 Adjust font size:

Oil prices soared Tuesday as report showed U.S. crude output will decrease through mid-2016.

U.S. Energy Information Administration estimated in its Short-Term Energy Outlook Tuesday that total U.S. crude oil production declined by 120,000 barrels per day in September compared with August.

"Crude oil production is forecast to decrease through mid-2016 before growth resumes late in 2016," the report said.

Oil prices were also supported as the U.S. dollar slumped in face of the dwindling expectation in the market for the Federal Reserve to raise interest rate by year-end.

The West Texas Intermediate for November delivery moved up 2.27 dollars to settle at 48.53 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery increased 2.67 dollars to close at 51.92 dollars a barrel on the London ICE Future Exchange. Endit