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Crude rallies on OPEC optimism

Posted on: November 22, 2016

WTI enjoyed a nice rally yesterday, with the front future settling $1.80 higher at $47.49. The trading remains very headline driven, with OPEC members and Russia hitting the airwaves as often as possible to talk up their negotiating progress.

Overnight OPEC announced they had a framework for a deal, causing the front month to break through $49 before giving back gains this morning as Nigeria is second guessing a production cut.

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