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Crude falls $0.13

Posted on: March 07, 2017

WTI futures traded within a tight range of 80 cents and settled $0.13 lower to a final settle of $53.20. Iraq’s oil minister said they were prepared to cut in the second half of 2017 upon the expiration of the OPEC cut agreement in June, but contingent on supply/demand levels at that point in time to determine if an extension is necessary. The fights in Libya have resulted in disrupted production from previously high levels and main ports have been closed. Slowing economic growth forecasts for China at the CERA conference in Houston were discussed.

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