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Crude gains 25 cents

Posted on: June 13, 2017

WTI crude prompt futures made a marginal 25 cent gain to settle at $46.08 amid a comment made by Saudi Arabia’s energy minister that “markets will balance”. For the most part, these type of comments have limited impact and the adage “less talk more action” is highly applicable in this case.

The Qatari energy minster made a comment that they will continue their commitment to the OPEC production cuts despite the recent contention and diplomatic conflict with Saudi Arabia. Libya is back to 820K barrels per day production with the re-opening of the Sharara oil field.


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