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Crude gains $0.46

Posted on: July 17, 2017

Shale drillers added 2 rigs to total 765 according to Baker Hughes last week. IEA raised demand estimates for 2017 by 100k/ bpd to 1.4 million/ bpd. The spreads between light/ heavy crude have tightened as Countries in the East have favored production of lighter oil, cutting production of heavy/medium grades to meet OPEC production caps; On the topic of caps, Nigeria has so far agreed to cap production at 1.8 million barrels. Taking all this into consideration the bulls outweighed the bears for the day and WTI prompt futures made a marginal $0.46 gain to settle at $46.54.

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