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Crude $0.24 lower

Posted on: April 19, 2017

Mark your calendars because on May 25th OPEC will meet to discuss extending their production cut agreement; largely up to debate and speculation, many energy analysts concur that an extension has already been priced in the WTI futures curve, which is not surprising given the media headlines from OPEC members within the past few weeks supporting the need to balance the global oversupply in spite of rising US shale production.

Today’s DOE release anticipates a 1.4 million barrel draw according the Bloomberg survey of analysts. Russia has been lagging behind their pledged production benchmarks. Overall, NYMEX WTI prompt contracts lost $0.24 settling at $52.41.


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