Crude prices slipped Thursday from early highs as traders considered an OPEC forecast of rising global demand against concerns about production cuts.

Light, sweet crude for March delivery was down 18 cents at $48.15 a barrel in midday trading on the New York Mercantile Exchange, after hitting $48.65 earlier in the day. Heating oil was down 0.70 cent at $1.3350 a gallon. Brent crude was up 26 cents at $46.41 on the International Petroleum Exchange.

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