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Crude gains $0.50

Posted on: June 29, 2017

The official weekly EIA crude stockpiles came in rather bearish with a 118K build—remember the 851K API build estimate on Tuesday and the Bloomberg consensus forecast for a 2M barrel decline on Monday. However, market participants were less focused on the crude inventory gain and more fixated on the gasoline and distillates numbers: gasoline falling by 894K.

The Canadian association of oil well drilling reported a climb in active rigs to 169, the highest level since March. WTI settled at $44.74, a gain of 50 cents.

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