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Crude takes back $0.90

Posted on: May 29, 2017

WTI prompt contracts took back 90 cents from the prior $2.50 loss on Thursday when the market responded unenthusiastically to the OPEC extension. It was an overreaction and a price correction was in order, especially after considering the mild reaction to the 4.4 million barrel draw in US stockpiles reported Wednesday.

If supply cut compliance is strong in the new OPEC extension some market participants expect to see oil around $60 by the end of 2017, however, consideration must be given to the amount of crude produced by OPEC exempt cut members such as Nigeria and Libya, and the degree to which US shale adds to the global market; at the end of the day no prediction is met without contention over the correct model inputs, especially so in the crude market. Overall, price volatility was low going into the long-weekend in the US and WTI settled at $49.80.


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