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Oil resurrection sets stage for another OPEC shale clash in 2018

Oil prices are set for a second annual gain after a year of natural disasters, conflict and a showdown between OPEC and US shale.

Oil's revival from the biggest crash in a generation persisted, with prices set for a second annual gain after weathering everything from hurricanes and Middle East conflict to the tussle between OPEC and US shale.

Benchmark futures are up more than 11 percent in 2017, after going into a bull market in September. While gains were driven by glut-shrinking output cuts by the  Organization of Petroleum Exporting Countries and its allies including Russia, geopolitical tensions in the Middle East as well as pipeline disruptions from the North Sea to Canada and Libya have also helped. In 2018, investors will watch if US output undermines OPEC's curbs.

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