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Crude prices slide $0.54

Posted on: June 20, 2017

The global glut in supply remains the focal point as crude fell 54 cents on Monday, closing at $44.20. Brent settled at $46.91, 46 cents lower on the day. Bloomberg has reported that Libya has reach its highest output in 4 years. The country is currently producing 902,000 barrels per day with an ambitious goal of 1 million barrels by the end of July.

According to the EIA, crude inventories remain 100 million barrels above the five year averages and US production is on the rise. The market will pay close attention to the API numbers to be released today, and the DOE figures tomorrow.

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