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Crude up $0.27

Posted on: June 26, 2017

Crude prompt futures gained back some more of the losses incurred last week on Friday, up by 27 cents to settle at $43.01. Brent was up by $0.32 to close at $45.54. Active rigs in the US were up by 11 according to Baker Hughes and now total 758. With production in the US on the rise, the storage reports will once again be center stage this week.

In addition to US production, exempt countries like Libya and Nigeria boosting exports are negating much of the OPEC efforts to stabilize the global supply. At this point it seems like OPEC may be running out of cards to play with little appetite to cut production deeper. Crude prices have fallen below the price at which the production cuts were first agreed.

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