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Crude falls $0.08

Posted on: June 09, 2017

WTI prompt futures experienced an 8 cent loss for the day to settle at $45.64. A considerable amount of uncertainty is coming from the Middle East at this point in time: Libya’s largest oil field shut down temporarily due to a medical-care related protest following the death of a worker (decreasing output from 807k to approx. 618k), Iraq is hoping to achieve independence without the reliance of oil/gas imports which would mean tripling capacity by 2021, Qatar and Saudi Arabia feud continues and a war rages in Syria.

In addition, the 2010 Gulf oil spill that lead to a division of Bureaus for oil leasing and safety may be merged together by President Trump, easing restrictions and creating a more compelling environment for production. Tumultuous times indeed.


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