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Crude gains $0.50

Posted on: January 06, 2017

Saudi Arabia signalled their continued commitment to the OPEC agreement cuts by meeting their pledged production values last month. EIA reported a large 7.05 million barrel draw in US crude supplies, although values should be met with skepticism due to year-end figures having various tax implications; all in all, the combined effect of Saudi Arabia’s commitment, EIA draw and weakening of the USD making dollar denominated futures cheaper caused an appreciation of 50 cents for WTI prompt futures, trading within a range of $1.33 and final close of $53.76.


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