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Crude falls $1.07 lower

Posted on: March 10, 2017

WTI prompt futures broke through the $50 support level trading in a volatile $2.25 range and ultimately settling $1.07 lower at $49.28. The optimism seemed to have subsided as the market continued to digest the EIA 8.21 million barrel build. Saudi Arabia’s cautioned that the OPEC production cut extension may not come to fruition; energy minister Khalid Al-Falih went on to say that he will continue to keep a close eye on US shale production, which has disincentivized OPEC’s agreement to stabilize the markets and largely offset their efforts.

Nothing is written in stone and the ambiguity surrounding OPEC and US shale are producing higher levels of volatility this week.


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