Recent supply data boosted USO and related ETFs on Wednesday.

Energy markets strengthened after the U.S. Energy Information Administration revealed U.S. crude storage levels fell by a bigger-than-expected 5.2 million barrels in the week ended October 14, a withdrawal for six of the past seven weeks, reports Timothy Puko for the Wall Street Journal.

Analysts previously anticipated an injection of two million barrels, which is in line with seasonal trends in October after the end of the summer driving season, further supporting the bullish trade.

Looking ahead, the Organization of Petroleum Exporting Countries will consider agreeing on output cuts for most members when the group’s energy  ministers meet on November 30.

SEE MORE: Energy ETFs Rally as Russia Joins OPEC in Considering Supply Limits

“Just how high can oil go? According to Ross, another neckline can be formed by extending crude’s highs in May 2015, when oil hit $60. In other words, Ross believes that oil could rise another 15 percent from current levels, leaving $60 crude a very real possibility,” reports CNBC.

Other oil traders believe 2017 will be fertile ground for an oil rally. While production has declined in the U.S., recently rebounding oil prices are encouraging exploration and production companies to revisit spending plans with some increasing capital expenditures. That has some oil market observers concerned about a rising rig count and the subsequent impact on crude prices.

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