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Markets back after US long weekend

Posted on: May 30, 2017

WTI prompt futures hovered around the $50 mark prior to the long weekend. Baker Hughes reported a slight deceleration in rig count with only 2 rigs added last week to total 722. The CFTC data providers revealed a bullish increase in the net-long positions taken by hedge funds (20% rise week ended May 23rd ).

Libya may be facing some further geopolitical risk as a unit of National Oil Corp cut output by 25k barrels without disclosures, dropping overall output to 750k barrels per day. All things considered, these items support oil making a slight recovery past $50 after the rather overemphasized sell-off taking place last Thursday after OPEC announced an extension in cuts to 2018.

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