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Crude down $0.49

Posted on: May 02, 2017

WTI futures contracts fell $0.49 to settle at $48.84. Libya has been ramping up production to 760k barrels per day after the re-opening of their largest oilfield, however, political uncertainty and militia attacks remain a concern that could disrupt short term production.

Baker Hughes increased rig count by 9 to 697 according to Baker Hughes last week, a significant growth, especially after considering the technological and infrastructural efficiencies that have increased the yields of today’s rigs. Bloomberg forecast of analysts has estimated a 3.5 million barrel decline in inventories for the Wednesday EIA report.

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