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Crude falls $0.64

Posted on: January 16, 2017

Libya, an OPEC member exempt from production cuts, continues to place pressure on the optimism surrounding the OPEC agreement. Libya’s production has rose to 750,000 bpd, a 50,000 bpd increase since last week according to Reuters. Rig counts released on Friday showed a decline of 7. The declining strength of the USD last week did its best to support crude prompt WTI contracts (denominated in USD) but it wasn’t enough to counteract the bearish addition to DOE storage figures in Crude inventories of 4.1MM (expectations of 1.5MM) as the market lagged to digest this information.

Overall, crude ended the week trading within a $0.90 range and settling $0.64 lower at $52.37.


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