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Crude gains $1.45

Posted on: May 11, 2017

WTI contracts were pushed $1.45 higher to settle at $47.33 after the EIA published a draw in inventories more than double the prediction earlier this week. Official figures were 5 million barrels a day versus 2 million. Libya’s production continued its climb to 800k barrels per day according to Bloomberg.

Keep your eyes out for production values coming out from Nigeria and Libya, both being exempt from the OPEC agreement that expires in June, as they are greatly contributing to volatility in prices and could weight on the May 25th conference decision held in Vienna.

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