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Crude tumbles $1.39 lower

Posted on: January 04, 2017

Pessimism looms over the crude markets as WTI futures contracts take a $1.39 tumble at the start of 2017, closing at $52.33. The strengthening of the US dollar has largely contributed to the suppression of WTI denominated contracts and has outweighed bullish OPEC news; OPEC member Kuwait and Non-OPEC Oman have initiated cuts to stabilize the markets, in addition to Russia and Mexico agreeing to trim output by about 1.8 million barrels per day.

However, Libya continues to be a wild card with its exemption status and has re-opened the Sharara oil field. Only time will tell how the overall production cuts are counteracted with higher production from OPEC exempt members. EIA data to be published this Thursday has expectations of a 2 million barrel draw in US crude supplies.

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