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Crude falls $0.78

Posted on: October 27, 2016

Crude prompt futures continued to slide on Wednesday, falling $0.78 and closing the day at $49.18. Brent for December prices had a loss of $0.81 on the day and closed at $49.98. The DOE reported rather bullish storage figures with a draw on crude inventories of 553,000. Distillates and gasoline supplies dropped by 3.35 million barrels and 1.96 million barrels respectively.

Unfortunately the good news was not enough to overcome the growing concerns around the OPEC agreement to limit production with Iraq now seeking exemption from the cuts.

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