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Crude gains $0.28

Posted on: May 19, 2017

WTI prices approach the $50 mark moving $0.28 and settling at $49.35 amid further established beliefs that OPEC will extend their production cut agreement until March 2018. To date, those publicly favouring cuts include Russia, Saudi Arabia, Oman, and Venezuela. According to last week’s EIA data, there are higher refinery utilization rates, and this may show up in the coming week’s inventory values.

For the most part, the increase was driven by Wednesday’s bullish DOE numbers, sparking exuberance in the marker and heightened optimism as we approach OPEC’s May 25th meeting in Vienna.

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