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Crude plummets $1.09

Posted on: April 24, 2017

WTI June futures broke the $50 support and tumbled $1.09 lower to settle at $49.62 for the day. The implied volatility for the June prompt contracts almost doubled which is debatably justifiable under current market tensions and the expiration date coinciding with the OPEC meeting to extend production cuts on May 25th. Expect a bumpy ride until then.

Baker Hughes reported a further 5 oil rig increase and US shale doesn’t show signs of slowing down anytime soon.


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