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Crude falls $0.56

Posted on: March 21, 2017

WTI futures settled $0.56 lower closing at $48.22 driven by a large reduction in money manager net long positions and Libya’s main oil ports status set to resume within 7-10 days. The CFTC reported that bets on WTI have reduced the most on record since 2006 with last week’s decrease in net length by 23% to 288,774.

The Bloomberg analyst survey anticipates a 1.9 million barrel build in US crude supplies for the official EIA report this Wednesday. OPEC and Russia energy ministers will be meeting in Kuwait over the weekend to discuss OPEC production cut status, however, May will be the decision period to determine whether there will be an extension in the agreement.


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