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Crude falls slightly

Posted on: November 24, 2016

Prompt WTI futures settled $0.07 lower at $47.96/bbl. Iraq’s Prime Minister sent a bullish vibe through the crude markets expressing agreement to participate in the production cuts. EIA data also reported a 1.26 million barrel draw on crude contrasting the 1 million barrel gain forecast by analysts. Baker Hughes published 474 for total active rig count, which is an increase of 3 since the previous week.

Even if an OPEC cut is agreed to, the US reaction will likely be to ramp up production, partially deteriorating favourable fundamental outcomes. Only time will tell as we approach the major decisions at the end of the month.

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