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Crude falls $0.12

Posted on: March 14, 2017

OPEC’s efforts to reduce global supply continue to meet with adversity from increased US production. US stockpiles are sitting at 528.4 million barrels which is the highest weekly data going back to 1982. Bloomberg weekly survey of analyst forecasts are for a 3 million barrel build for this Wednesday’s EIA report.

Libya’s crude production has dropped 13% since the militia groups have closed main oil ports. Volatility is among levels during the 2014 price crash and the Commodity Futures Trading Commissions reported a cut on bullish wages with net length slipping. Overall, prompt WTI futures settled at $48.37, losing $0.12.

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