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Crude drops $1.14

Posted on: January 11, 2017

WTI prompt futures suffered their second day of losses moving within a range of $1.66 and ultimately trading $1.14 lower, final close of $50.82. The Energy Information Administration will publish official US crude inventory figures today and is expected to show an increase of 1.5 million barrels according to analysts surveyed by Bloomberg.

The expectation of a rise in US crude inventory is largely a result of higher oil prices and the return of US shale producers. Baker Hughes reported the 10th consecutive gain in US rig count. Market participants continue to be leery of Iraq’s compliance with the OPEC production cuts, exhibiting record high exports last month and positioning for an increase of exports in January.

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