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Crude drips $0.70 lower

Posted on: June 05, 2017

Sometimes things don’t work out the way they were intended—that analogy holds for crude after oil fell lower after OPEC decided to extend cuts into 2018, under the impression it would support or at the very least push WTI higher. It didn’t.

In a further sequence of events: EIA reported US crude production at the highest level since August 2015, Libya puts pressure on the OPEC agreement with a large gain in month over month coming from the Sharara oil field and last Friday Baker Hughes showed a consecutive increase in Rig counts. The cherry on the sundae was when President Trump withdrew from the Paris Climate accord sparking the possibility of a further acceleration in US production. WTI prompt contracts settled at $47.66.


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