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Crude Oil is trading at $ 61
Crude oil prices were flat at $ 61 a barrel on Thursday amid rising global demand, but rising US production levels and rising inventories are limiting opportunities for price gains .
US crude futures traded at $ 61.04 a barrel, after reaching a high of $ 61.14 a barrel, while today's session opened at $ 60.93 per barrel, hitting a low of $ 60.87 a barrel .
The International Energy Agency (IEA) announced its weekly report, with a rise in US crude inventories last week of 5 million barrels compared to expectations of 2.2 million barrels from a previous rise of 2.4 million barrels .
Rising levels of stocks reflect high US crude oil production and negative impact on prices despite OPEC attempts to reduce production .
US crude oil output, already surpassed by Saudi Arabia, is expected to rise to more than 11 million barrels a day later this year, taking first place instead of Russia, according to the International Energy Agency .
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