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OPEC's commitment and strong demand will fuel the rise of oil to the end of 2018
Strong commitment to OPEC-led output cuts, strong demand and supply disruption in the Middle East are likely to raise the average price of oil this year to more than $ 67 a barrel, a Reuters poll showed on Monday .
Thirty-eight economists and analysts polled said the average price of Brent crude for the year was $ 67.40 in 2018, up more than 5 percent from a previous forecast of $ 63.97. This is the highest average forecast for Brent for 2018 since at least December 2015 .
Oil analysts in Reuters surveys have raised average price forecasts every month since last August .
As a result of the gradual shortage in the market, Brent crude and Western Texas Intermediate crude registered the highest level since November 2014 in April at $ 75.47 and $ 69.56 a barrel, respectively.
Brent has risen 11 percent since the start of the year, while West Texas rose 12.6 percent .
Analysts expected the average price of US light crude to 63.23 dollars a barrel this year against 59.85 dollars in the March poll .
"With oil prices rising, US production is expected to grow rapidly in the coming months, " said Daniel Heinz, an analyst at ANZ .
"Crude prices may remain high in the short term until increased drilling activity in the United States accelerates production growth."
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