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Crude soars $2.38 higher

Posted on: September 29, 2016

Exciting day in the crude markets Wednesday, as news that OPEC outlined an agreement to limit production made its way to headline media. The proposed production cut target would amount to almost a 750,000 bpd decrease by OPEC producers when compared to August figures.

Markets responded to the announcement with the prompt WTI future leaping $2.38 to close at $47.05. The Brent prompt increased $2.72 to $48.69. That said, we need to be cognizant of the oversupply in the background and aware that Russia has reached post-Soviet supply records, and although Russia participated in the OPEC meeting, they have not made any agreement to cut.

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