RE:If oil keeps headed up, the 90 cent range will be here soonOil Rises on Growing Expectation of Production Cuts Wall Street Journal 30 mins. ago. Oil prices rose Tuesday on hopes for falling supply in both the U.S. and global markets. The U.S. Energy Information Administration said domestic crude production fell 120,000 barrels a day from August to September. The U.S. produced 9 million barrels a day last month, the lowest level in a year. The agency slightly cut its production forecast through the end of next year, putting it at 8.8 million barrels a day in 2016. Prices had received a boost earlier in the day from talk of a meeting between Russia and the Organization of the Petroleum Exporting Countries. Industry executives and reports have mentioned a potential meeting to discuss the conditions on the oil market, causing some to speculate the worlds other largest producers could join the U.S. in a continuing pullback. Thats starting to wake up some of the folks out in this space, Bob Yawger, director of the futures division at Mizuho Securities USA Inc. The EIAs Short-term Energy Outlook also increased its expectations for demand in China and other emerging markets. It put global demand at 95.2 million barrels per day next year, up 0.3% from last months estimate. If that demand rises and production falls, it will lessen the impact of large buildups in storage that many traders expect to see in the weeks to come, Mr. Yawger said. On Tuesday, the chief executive of Royal Dutch Shell PLC said he saw the first sign of a recovery in oil prices. It remains uncertain how fast prices will recover and where they will settle, Ben van Beurden said at the Oil & Money conference in London. OPECs secretary-general also said that oil prices are set to rebound amid steep cuts in global oil investments. There will be less supply in the very near future. Less supply means high prices, Abdalla Salem el-Badri said at the conference. API tonight