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Crude gains $1.07

Posted on: February 02, 2017

Prompt futures traded within a $1.27 range to eventually settle $1.07 higher at $53.88. Crude moved higher on a depressed USD after the Federal Reserve kept rates unchanged. This gain was despite a bearish 6.5 million barrel build reported by the EIA; there was, however, a draw in Cushing of 1.2 million barrels. API released a 5.83 million barrel build Tuesday which was above the Bloomberg analyst forecast of 3 million.


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