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Crude gains $0.11

Posted on: December 21, 2016

Crude market was relatively quiet on Tuesday with the January contract expiring up $0.11 on the day, settling at $52.23. Brent gained $0.43 to close at $55.35. API figures report that crude stockpiles fell by 4.15 million barrels with an expectation that these would be down by 2.5 million barrels. Gasoline fell by 1.97 million with a 1.375 million build expected. Distillate inventories down 1.55 million barrels with -1.625 anticipated.

According to Bloomberg, the Obama Administration is preparing to block the sale of offshore drilling rights in parts of the Atlantic and US Arctic by invoking a provision in a 1953 law. The move could see a permanent restriction on production in the area.

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