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Crude gains $0.46

Posted on: December 23, 2016

Crude WTI futures traded within a $1.11 range, settling $0.46 higher at $52.95. Signals coming from Iraq that they would fulfill their agreement to the November OPEC production targets. Additionally, Bloomberg sources stated that International oil companies working in Iraq and the Kurdish region have conceded to the commencement of cuts beginning in January.

Although the EIA reported larger than anticipated US stockpiles earlier this week the price focus is continuing to narrow in on the statements made by OPEC members as we approach 2017. Saudi Arabia, one of the largest oil exporters, anticipates a decline in their budget deficit for 2017 at 7.7% of GDP, lower than that forecasted by the IMF, as oil prices stabilise and increase.


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