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Crude falls $1.94

Posted on: December 15, 2016

Crude prompt futures dropped $1.94, settling the day at 51.04. Brent fell by $1.82 to close the day at $53.90. DOE data showed a draw on crude supplied of 2.56 million barrels against the 1.5 million that was anticipated. Gasoline was up by 497,000 with an increase of 2 million expected, and distillates were down 762,000 against the 1 million build expected.

The Fed announced that it would be increasing the benchmark rate by 25 bps, with commentary that future rate increases may be coming faster than the market predicted, strengthening the US Dollar and adding downward pressure on crude.


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