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Crude gains $0.27

Posted on: August 23, 2017

A few things happened in the crude markets today: Libya's Sharara oil field has re-opened according to the Petroleum Facilities Guard following a temporary outage. $3.5 Billion dollars of debt is nearing expiration in Oct-Nov for the Valenzuela oil giant, according to a team from RBC capital markets closely analyzing the data. Default on this debt could have bullish implications with reduced crude production. President Trump and the sanctions in Iran remain an area of speculation adding market volatility.

Lastly, the API has anticipated 8.9 million barrel drop in crude inventory for the official EIA numbers to be released later today. WTI prompt futures gained $0.27 to settle at $47.64 for the day.

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