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Crude falls $1.85

Posted on: November 30, 2016

Crude fell $1.85 on Tuesday on speculation heading into the OPEC meeting. The prompt future lost $1.85 on the day settling at $45.23. This morning crude is up considerably with hopes that OPEC members are soon to close a deal that could see a cut of 1.4 million barrels.

In other news the Liberal government announced their decision on the three proposed pipelines. The Kinder Morgan Trans Mountain pipeline has been approved with 157 conditions, the Enbridge Line 3 has been approved with 37 conditions, and the Northern Gateway pipeline has been rejected. API data released showed crude inventories were down by 717,000. Distillates and gasoline are up by 2.24 million and 3.36 million respectively.

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