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Crude gains $1.45, retreats in early trading

Posted on: September 27, 2016

Although pessimism still loomed in the air as the highly anticipated informal OPEC meeting in Algeria commenced, the UAE sparked some bullish sentiments that they support a freeze, which inevitably was a driving factor to the WTI front future settling $1.45 higher at $45.93. Implied volatility was high and the likelihood of an agreement in September remains low, with further attention shifting to the formal OPEC meeting in November which will likely continue the emotional rollercoaster of speculation witnessed thus far.

This morning oil traded at $44.81, dropping $1.12 since the time of this writing, partially driven by Iran not wanted to freeze oil output and come to an agreement.

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