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Crude down $0.81

Posted on: December 22, 2016

WTI prompt futures lost $0.81 on the day to settle at $52.49. Brent moved in similar fashion, falling 89 cents and closing at $54.46. Inventory numbers released showed that there was a build in crude inventories of 2.25 million barrels with an expectation of -2.5 million. Distillates fell by 2.4 million barrels against the anticipated 1.625 million barrels.

Gasoline inventories decreased by 1.3 million barrels, with expectations of a 1 million barrel build, but still sit above the upper limit on the average range. Bloomberg has reported that Libya has reopened two of its largest oil fields and has begun loading its first crude cargo in two years. The country has ambitions to nearly double their output in 2017.


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