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Crude swings $1.07 higher

Posted on: September 14, 2017

Crude inventories only went up by 5.9 million barrels, which is not bad considering the data reflected some of the impact of Hurricane Harvey. Market participants likely braced themselves for a figure much worse so that provided some support to WTI. Two other key items contributed to yesterday's gain: IEA revised their oil demand figures for the year on the grounds of stronger European and U.S. consumption, OPEC compliance was higher at 94% for Aug versus 85% (source:Bloomberg). WTI settled at $49.30.

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