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Crude gains $0.15

Posted on: December 14, 2016

Crude had a small gain of $0.15 yesterday. After trading in a range of $1.06, the prompt future settled at $52.98. Bloomberg has reported that oil inventories will decline roughly 600,000 bbl/day over the next 6 months as the agreed upon cuts come to fruition. However this would require OPEC producers stick to the 32.7 million barrels a day they have committed. A tall order as the organization pumped 34.2 million in November.

Crude has seen some considerable gains since the meeting in November with hopes of shrinking the global inventories. In addition to OPEC, 11 non-member producers have agreed to participate.

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