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Crude falls $0.97

Posted on: August 11, 2017

Crude prompt futures fell by $0.97 on Thursday to close at $48.59. Starting the day off strong, the prompt month gained 54 cents by mid morning to hit $50.22. However, prices but were unable to hold at the $50 resistance for long and began the slow decent into the red for the remainder of the day. Brent fell 80 cents to settle at $51.90. In the news, Bloomberg has reported that OPEC has revised its oil demand outlook for 2017 and 2018 with an increase in 200,000 barrels per day.

Justified by higher than expected fuel consumption and a weaker rival supply. We have seen strong inventory numbers in the US released over the last 6 weeks, but the market has associated much of that to summer seasonality.


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