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Crude gains $0.50

Posted on: May 12, 2017

The gain is essentially a prolonged rally on the US inventory drawdowns published Wednesday, mixed with higher levels of confidence an OPEC extension will take place. Personally, my view is OPEC officials may be concerned with the decrease in long futures positions and market bulls while traders await more concrete evidence of trending draws in US stockpiles.

Consequently, OPEC officials have responded by whispering into the markets that a longer extensions could take place as a form of distraction; after all, what do they have to lose? Even if extensions are agreed the increased production levels coming out from Nigeria and Libya have counteracted some of the efforts to decrease the global supply gut. Overall, WTI settled $0.5 higher at $47.83.


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