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Crude falls $0.47

Posted on: January 24, 2017

Prompt WTI futures traded within a range of $1.26 for the day ultimately losing $0.47 to a final close of $52.75. The bearish 29 increase in rig count disclosed by last week’s Baker Hughes figures continue to place resistance on crude.

The OPEC compliance meeting that took place over the weekend in Vienna, involving both OPEC and Non OPEC members participating in the production cuts, claimed a reduction of 1.5 million barrels per day or 80% of the total collective figure; however, some sources have contested this claim and believe it to be overstated.



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