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Crude drops $0.21

Posted on: November 23, 2016

Prompt WTI futures fell 21 cents to close at $48.03, moving within a $2.03 range on Tuesday. The OPEC meeting headlines from Vienna continue to fluctuate the market as we await the final decision on November 30th, until then, much of what is said is largely speculative. As far as we know Iraq is still seeking exemption and both Iraq and Iran contest the production figures. Further discussion will be deferred until the formal meeting.

The forecast for US crude inventories is an increase of 1 million barrels according to a Bloomberg survey.


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