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Crude falls $0.24

Posted on: March 28, 2017

The story of the boy who cried wolf couldn’t be more true for the statements that came out of the OPEC meeting over the weekend in Kuwait. Saudi Arabia and others discussed the need to extend cuts past June if the supply glut continues with the Russia energy minister requiring more time to make a decision. At this point market participants seemed to be fed up with verbal, ambiguous statements coming out from OPEC energy ministers in a seeming attempt to spark optimism and increase prices.

It’s just talk at this point. Nothing is definitive. The Bloomberg weekly survey of analysts predicts a 2 million barrel build in US crude supplies for the Wednesday EIA report. Overall, WTI prompt futures lost $0.24 to settle at $47.73 for the day.


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