US crude oil output continues to rise and there's still a stack of supply sitting on the sidelines

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The Brent crude price has rallied 130 since early 2016, underpinned by strong economic growth and production cuts from OPEC and its allies.

US crude production — already close to record-highs — is predicted to lift even further in the years ahead given easy access to new supply.

The Commonwealth Bank sees Brent crude falling to 53 by the end of 2018.

Even with a recent wobble, crude oil prices have been on a tear in recent years, underpinned by the belief that production cuts from OPEC and its allies, along with firmer global growth, will help to balance the global market.

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