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Crude trades $0.34 lower

Posted on: February 03, 2017

Prompt WTI futures lost 34 cents after trading in a 85 cent range, settling at a final close of $53.54. The decrease was provoked by OPEC production values for last month with a total reduction of 840,000 barrels per day. However, exempted OPEC members (Nigeria, Libya and Iran) counteracted the cut by boasting a 270,000 barrel increase.

There continues to be ambiguity surrounding the tension between Iran and the US after Iran tested ballistic missiles and President Trump put them “on notice”; whether or not this could lead to sanctions and a decrease in global oil supply is largely speculative at this point. Overall, 83% of the OPEC production cuts on average have been implemented.

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