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Crude gains $0.72

Posted on: July 20, 2017

US inventories fell by 4.73 million barrels which was higher than previously anticipated, supporting higher WTI futures prices. The OPEC cut impact was exhibited with the sliding Arabian crude exports to the US-- a seven year low of 524K/ bpd versus 1.1MM/bpd average last year. Sour, Heavy crude exported by the Middle East is more expensive relative to it's lighter competitor the WTI and as a result less desirable for US buyers. All in all, WTI prompt futures gained $0.72 to settle at $47.12 for the day.

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