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Crude moves $0.78 higher

Posted on: September 30, 2016

Crude rose yesterday as markets continued to react to the proposed cut in production amongst OPEC members that could see a cut to production to 32.5 million barrels a day. The overall execution of this agreement is probably the most pertinent piece to keep in mind, individual country quotas have yet to be agreed upon and will surely be heavily contested on a “higher is better” mentality. Just because an agreement has been alluded to I suggest keeping your fingers crossed while the terms are evaluated.

With Wednesday taking the largest dose of gains, we see yesterday’s WTI prompt future increase $0.78 closing at $47.83. Crude continues to rise this morning and currently sits at $48.00.

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