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Crude gains $0.21

Posted on: May 09, 2017

NYMEX WTI prompt contracts gained $0.21 to settle at $46.43 amid continued disparity of opinions coming from OPEC: OPEC producers expressed last week they were not planning on increasing the levels of production cuts should an extension be agreed upon past June, and now, both increasing cut levels and a lengthening of extension is a possibility.

Personally, I view it as white noise and unnecessary volatility pushing. It is highly likely there will be further shift in opinions prior to the actual decision date on May 25th in Vienna. Take everything with a grain of salt up until that point. Libya has reached a new high level of production of 780k/bpd.


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