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Crude gains $0.84

Posted on: March 31, 2017

Turns out some verbal, non-binding statements from OPEC energy ministers played a large part in pushing WTI prompt futures past $50. Buzz over extending production cuts when the agreement expires in June have once again entered the media in addition to OPEC export figures coming in at 1.18 million barrels per day lower versus the prior month. Libya played a part in the export reduction after militia group interference closed their main oil ports. Other than that is was a slow day in the crude markets with a gain of $0.84 and settle at $50.35.

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