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Crude falls $0.65

Posted on: April 28, 2017

Libya reopened their largest oil field which added some skepticism into the markets and short-term pressure but it wasn’t all bad news: the OPEC secretary general stated “Oil stockpiles increased by less than the average in 1Q” and the OPEC/Non-OPEC compliance was at 98% for March. The return of refiners after the seasonal maintenance period has aided the market re-balancing with utilization rates at 94.1%. Overall, WTI prompt contracts moved $0.65 lower to settle at $48.97.


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