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Crude falls $1.22

Posted on: March 03, 2017

Crude prompt futures fell $1.22 on Thursday and settled at $52.61. Brent dropped by $1.28 to close at $55.08. Bloomberg has reported that OPEC production in February as 32.17 million barrels a day, dropping 65,000 barrels a day from January. OPEC is now about 70% of the way to the target output, with Saudi Arabia the driving force behind the cuts.

The country has 157% compliance on their targeted production cut.


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