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Crude settles 66 cents higher, retreats in early trading

Posted on: March 14, 2016

WTI settled above $38 on Friday, with the front future gaining 66 cents to finish the week at $38.50. The main driver was an IEA report that showed production in non-OPEC nations was lower than expected. This recent pop has producers looking at locking in some hedges, especially light and heavy differentials.

This morning the selling started early when Iran confirmed it had no interest in freezing or reducing output and instead planned to increase output to 4MM bbls per day.

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