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Crude gains $0.40

Posted on: May 23, 2017

NYMEX WTI futures remained in the $50 territory amid greater consensus that an extension in production cuts will be agreed to on May 25th among OPEC and Non-OPEC members. The real question now is how long the cuts will actually last for, with the current speculative range between 6 months on the low-end and 9 months on the high-end.

Additionally, extending the deal would likely mean that production will be cut by 1.8 million barrels per day, consistent with the previous agreement, although this could change. Iraq has been reported as agreeing to the latest cut proposals but it is not conclusive. One thing is for sure, crude will enjoy some gains if the extension turns out to be on the longer end of the spectrum, but whether or not compliance will be as strong this time around is another story.

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