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Crude gains $0.17

Posted on: February 09, 2017

Crude WTI futures made a 17 cent gain and settled at $52.34. The EIA reported a 13.8 million build in US crude stockpiles which was considerably above the Bloomberg survey expectation of 2.5 million. The API was more in line with the EIA data disclosing a 14.2 million barrel build Tuesday night.

The increased production in the US brings into question whether or not OPEC will extend their agreement if a stabilization does not occur by June.


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