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Crude falls $0.17

Posted on: April 21, 2017

Crude trading was rather uneventful today and there isn’t much to discuss that hasn’t been said before: OPEC’s energy minister continues to push for an extension of production cuts at a conference in Abu Dhabi but nothing definitive can be confirmed until May 25th. It may have been anticipated that this news would have been bullish but the impact was mitigated by US production which rose by 17,000 barrels per day to 9.25 million barrels. Baker Hughes reported an 11 oil rig increase last week. Overall, the May WTI futures rolled off and settled at $50.27.


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