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Crude gains $0.11

Posted on: January 18, 2017

Crude turns a slight gain of $0.11 closing the day at $52.48. OPEC and Russia feel that a continuation of the production cut agreement past the expiration in June is not necessary given their speed in implementing the proposed cuts, however, the reader should be cautioned that Nigeria—an exempt OPEC cut member, had a stated output of 1.7 million barrels per day according to their VP. This has been recorded as the highest production since early 2016.

Working in crude’s favor is the weakening of the USD, which according to Bloomberg and their dollar spot index, has dropped to a one month low. Commodities denominated in USD generally experience a negative correlation and corresponding gain when the USD weakens.

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