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Crude soars $1.14 higher

Posted on: October 06, 2016

Crude prompt futures traded within an $83 cent range in day trading on Wednesday hitting as high as $49.97, just inches from $50, before finally settling at $49.83. The upward momentum in crude prices were likely in relation to the EIA release, noting a 2.98 million barrel draw on crude inventories. This has been the fifth straight week with declining inventory levels, putting storage numbers on US crude supplies to 499.7 million. Levels not witnessed since January.

Crude is up again this morning and has blown through the $50 mark, currently at $50.18.


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