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NEW YORK (AP) - Oil futures drifted higher in light holiday trading Monday after predictions of a drop in crude inventories raised new supply concerns.
With little other news to motivate buying or selling, investors focused on forecasts by analysts including Addison Armstrong, director of exchange traded markets at TFS Energy Futures LLC, who predicted crude supplies fell by 1.5 million barrels last week. Tim Evans, an analyst at Citigroup Inc., predicted that crude supplies fell by 2 million to 3 million barrels.
The Energy Department's Energy Information Administration reports oil inventories on Thursday this week, a day late due to Christmas.
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