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Crude gains $0.18

Posted on: February 01, 2017

Prompt crude futures traded within a $1.32 range and gained 18 cents to a final close of $52.81. The gain was driven by the weakening of the USD amid conflict with the Trump administration and congress surrounding the immigration order; in addition to comments made by a trade advisor to President Trump that “Germany is benefiting from a grossly undervalued currency” sourced from Bloomberg.

Neutralising the currency gains was a bearish report released by the API announcing for a 5.8 million barrel build in US crude inventories last week. EIA data expectations are forecasted at a 3 million barrel build. Lack of conviction surrounding OPEC production cut success continues to resonate in the markets.

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