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Crude falls 24 cents

Posted on: November 17, 2016

WTI fell 24 cents at the front of the curve yesterday, settling at $45.57. The morning started with crude under pressure, as a bearish EIA report showed a build of 5.27MM bbls, well above expectations. However, leave it to OPEC to save the day, as the Russian Oil Minister Alexander Novak suggested an agreement at the November 30th meeting is likely and that Russia would support it.

This caused crude to catch a bid, spiking higher before fading into the settle.

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