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Crude losses $0.22

Posted on: August 09, 2017

WTI prompt futures closed $0.22 lower to settle at $49.17 for the day amid a rather dull conclusion to the OPEC compliance discussion held in Abu Dhabi. The lackluster comment making market headlines was "all countries fully support the existing monitoring mechanism", the keyword here being "existing" because as it stands OPEC has actually had the lowest reported compliance for July of 86% according to Bloomberg. No caps on production for Nigeria/Libya were agreed upon. The US stockpile draw should be around 2.2 million barrels from the weekly Bloomberg Survey estimate.

It is important to note that we are currently in the summer draw season and once that wraps up in the next 5 weeks we may experience further builds crude inventory.


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