2017.06.2908:09:00UTC+00Crude Oil Rally May Hit The Wall

Crude oil futures continued to rise Thursday, adding to strong weekly gains in a move away from yearly lows. Oil prices have rebounded since collapsing into bear market territory last week.

WTI light sweet crude oil was up 56 cents at $45.30 a barrel, a ten-day peak.

Still, traders remain unconvinced that OPEC can fully coordinate its supply quota plan with Russia.

There is no talk of further oil output cuts by the Organization of the Petroleum Exporting Countries, the United Arab Emirates oil minister said to reporters overnight.

OPEC's supply cuts have been offset by a U.S. shale boom. Domestic drillers have added rigs 22 weeks in a row, keeping oil well below $50 a barrel. Canadian production has also been picking up.

The Canadian Association of Petroleum Producers predicts the country's output will increase by 270,000 barrels a day in 2017 and another 320,000 b/d next year.

Eurozone economic confidence strengthened more than expected to a near decade-high in June amid widespread improvement across sub sectors.

The economic sentiment index rose to 111.1 in June, the highest since August 2007, from 109.2 in May, monthly survey data from the European Commission showed Thursday. The expected reading was 109.5.