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Crude gains $0.06

Posted on: February 28, 2017

Crude prompt futures gained 6 cents on Monday’s trading and settled at $54.05. Brent closed in the red at $55.93, falling 6 cents. In oil news, OPEC and non-OPEC producers have achieved 86% compliance in last month in their efforts to relieve the global glut in supply. With that in mind we are seeing crude prices bound to a tight range, and consistently floating around the $55 mark.

Since the cuts took place last January, oil has traded above $50, though the sentiment is there is strong resistance moving closer to $60 as US shale producer’s ramp up production.

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