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Crude losses $0.11

Posted on: May 25, 2017

It’s about time. The monotonous phrase “as we await the May 25th OPEC meeting in Vienna” was becoming an increasingly aggravating volatility pusher from speculative comments made by OPEC Energy Ministers. But at last the day is finally here and we will know the definitive agreement details, as it stands the likely scenario is an extension of 9-months. In other news, EIA reported a 4.4 million barrel decline in stockpiles which was actually better than the API figure earlier in the week. Total US inventories are now at 516 million barrels. Here’s a question: if OPEC extends the agreement by 9 months in line with current compliance levels should oil rally?

An efficient market would say no, an irrational market…. well. Overall, WTI lost 11 cents to settle at $51.36.

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