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Crude losses $0.19

Posted on: August 08, 2017

WTI prompt futures lost $0.19 to settle at $49.39 all while Libya resumed production in the Sharara oil field. The outcome of the OPEC compliance discussion held in Abu Dhabi that will conclude today has become a focus to market participants and spot prices. Although not likely, if production caps were agreed to by exempt members such as Nigeria that may be enough to push crude above the $50 mark and satiate the bulls on a rally. Libya and Nigeria's production levels have become an increasing concern in the arduous battle to stabilize the global supply glut where OPEC has released the highest July output to date of 32.82 m/ bpd.


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