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Crude gains $0.22

Posted on: December 20, 2016

WTI prompt futures gained $0.22 on Monday to settle at $52.12. Brent closed in the red, falling $0.29 to $54.92. The market is waiting to see what the outcome of the OPEC production cuts will be, though the sentiment is that the cuts will likely be followed through with and that 2017 will be the year for inventories to decline.

Bloomberg has reported that Saudi Arabia crude exports have fallen to 7.636 million barrels/day in October with a production level at 10.625 million barrels. Iran saw their export levels grow to 2.33 million barrels.

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