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Crude gains $0.38

Posted on: June 14, 2017

The weekly Bloomberg analyst survey for the EIA release this Wednesday was for a bullish 2.5M barrel draw in US stockpiles. This came in lower than expected with an official 1.661M draw. This is the time of year when we should be seeing inventory draws and last week’s EIA had a considerable gain.

The Atlantic oil market has been impacted by Nigeria and Libya’s overproduction and a Royal Dutch Shell supertanker has been left idle and sitting for delivery according to Bloomberg. Overall, WTI gained 38 cents to settle at $46.46 for the day.

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