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Crude gains $0.66

Posted on: December 12, 2016

WTI futures traded $0.66 higher at a $51.50 Friday close on affirmation of commitment by Saudi Arabia to follow through with their agreement to cut established at the November OPEC meeting in Vienna. Saudis have been reported contacting refiners in Europe and North America and providing them with notices that cuts are being followed through with, making the overall commitment all the more evident.

That said, the reader should be cognizant of the record levels of OPEC production reported in November, where the majority of the increase was coming from Nigeria and Libya—2 countries exempt from OPEC cuts. Baker Hughes reported a rather bearish increase in rig count by 21 totalling 498. 11 of the rig additions were located in the Permian basin where many producers have “locked in” the higher futures prices of oil experienced since the end of November hike.


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