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Crude losses $0.62

Posted on: March 15, 2017

Crude WTI prompt futures continued their slide downward amid increased production levels for OPEC’s largest producer, Saudi Arabia, breaking above 10 million barrels per day. Production increased by 263k barrels last month in Saudi Arabia and the energy minister made a statement during CERAWeek that they wouldn’t “bear the burden of free riders”, a comment likely directed at US shale producers. The Bloomberg survey of analyst forecasted a 3.13 million barrel build in US crude stockpiles for the EIA report to be released later today.

API reported an estimated 513k draw in US crude supplies for last week. Libya still faces production level uncertainty as the military commander launched an attack on two major oil terminals in an attempt to regain control. Overall, WTI prompt futures lost $0.62 settling at $47.75.


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