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Crude down 84 cents

Posted on: February 08, 2017

Crude falls $0.84 to settle at $52.17 amid a negative forecast in US crude inventory build and a strengthening USD. The build has been estimated at 2.5 million barrels according to a Bloomberg survey and the EIA will release actual figures later today. The dollar spot index, USD benchmark against 10 major currency peers, gained 0.6% and made USD denominated commodities such as crude WTI futures less attractive.

It is equally likely that futures lost value in anticipation of the DOE numbers to be published today and the overall speculative position in the market being fairly long, while some cautious investors sold off their position.

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