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Crude falls $0.93

Posted on: February 14, 2017

WTI crude futures fell $0.93 settling at $52.93 for the day. Saudi Arabia made a statement that their oil output has been reduced by the most in eight years. Iraq also approached 7 month lows in production but it still wasn’t enough to yield a bullish reaction.

Futures remain relatively fixated in the low 50’s likely due to increasing US production figures and a report released by the EIA depicting March US rig count to rise, according to estimations.

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