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Crude falls $0.39

Posted on: April 25, 2017

Crude prices fell 39 cents on Monday’s trading to close at $49.23. Brent settled at $51.60 losing 36 cents. Unlike equity markets, the election in France had little bearing on crude. OPEC has signaled that there may be an extension in the production cuts, though at this point Russia has not decided whether to back the initiative at this point. Formal talks are set for May 25.

Meanwhile, production in the US is on the rise. The EIA has reported that US crude output has risen to 9.25 million barrels/day, the highest level since August 2015. Active oil rigs in the US rose by 5 last week, and now total 688 according to Baker Hughes.

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