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Oil tumbles $1.02

Posted on: October 31, 2016

Friday was not the best day for Crude, or Hilary Clinton’s campaign for that matter, with the opening of the FBI email investigation partially bringing down equity prices and increasing market volatility.

So what happened that brought the crude WTI prompt down $1.02 to close at $48.70? Well, for one thing, nothing happened—during the commencement of the OPEC meeting in Vienna no progress on output quotas was made yet. Over the weekend Brazil and Russia attended the meeting in Vienna. Whether it is an OPEC or non-OPEC member someone will need to stand up and say they will cut production in order to initiate a more collective action.

Though this is easier said than done, and likely nobody will want to take a lost. Especially with other OPEC members being exempt: Iraq (pending exemption), Libya, Nigeria, and Algiers. The Seaway Legacy pipeline that pumps 400,000 barrels a day is expected to resume service sometime this week after the oil spill on October 23rd.

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