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Crude falls as OPEC production increases

Posted on: August 11, 2016

WTI stumbled after a decent rally over the last few sessions. WTI fell $1.06 to settle at $41.71 while Brent dropped 93 cents to settle at $44.05. OPEC production numbers were released for July on Wednesday, and it was not good news for the bulls. OPEC produced more than 33.1MMb/d as the gulf states ramp up production to try and regain market share.

EIA inventories showed a build in crude stocks and another decent draw in gasoline stocks, though gas stocks still sit well above 5-year averages.

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