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Crude drops $1.17

Posted on: October 21, 2016

Crude Prompt WTI drops $1.17 closing at $50.43 on Thursday. The markets responded negatively to a statement by Russia’s largest oil company that Russia “could” significantly increase production; although this seems no more unusual than the markets continued reliance on statements made by OPEC members regarding levels they “could” cut or freeze output.

Nigeria National Petroleum Corp decreased the price of its crude by $1 a barrel in 20 of 26 oil grades according to Bloomberg, in an attempt to regain market share and stay competitive. Strength of the US dollar persisted to weigh down commodities. The World Bank forecasted prices could reach $55 a barrel next year.


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