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Crude rises $0.64

Posted on: March 29, 2017

WTI gained $0.64 and settled at $48.37 driven by Libya’s halt of shipments from the Sharara field while facing continued political uncertainty. Libya’s rumoured output has dropped to 560k bpd. Keep an eye out for the official EIA US crude inventory supply figure today, with both API and Bloomberg analyst survey forecasts in line at a build of 1.9 and 2 million barrels, respectively.

The discount applied to WCS relative to Cushing has been narrowing with increased demand for heavy crude oil previously supplied in larger amounts by OPEC prior to the production cut agreement.


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