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Crude gained $0.33

Posted on: April 26, 2017

Prompt WTI contracts gained $0.33 and settled at $49.56 amid projections for a 1.75 million barrel decline in US crude inventories according to the weekly Bloomberg analyst survey; however, gains were softened after the API contradicted the prior forecast with an expected build of 897k barrels. Official EIA inventory figures will be released later today. Russia’s energy minister is planning on waiting to join the OPEC extensions curbs which was met with some bearish backlash from analysts.

At the risk of sounding like a broken record, what you say is not necessarily what you do and this holds true even for the members of OPEC that have seemingly committed to extension cuts. Don’t read into anything just yet. We will know for certain on May 25th at the official meeting.

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