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Crude tumbles $1.94 lower

Posted on: July 06, 2017

The dramatic turn in price after the rally was largely driven by Russia opposing deeper OPEC production cuts and a strengthening of the USD. The real question is what caused the rally in the first place, some possibilities: a short-covering rally or expectations that production cut deepening had a higher probability.

Whatever the case may be we may see a price increase if the API 5.8M barrel decline in US stockpiles comes to fruition in today’s official EIA numbers. WTI prompt futures settled at $45.13.


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