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Crude gains $0.58

Posted on: August 24, 2017

WTI prompt futures gained $0.58 to settle at $48.41 following a 3.3 million barrel decline in US crude inventories reported by the EIA. There is also conflicting news regarding the Sharara oil field in Libya which produces approx 300k/bpd; Reuters was told by two Libyan sources that the field was back open, contrasting the prior energy commentary news that it had been closed.

September 22nd will be the next meeting date for OPEC/Non-OPEC members to discuss pledged production cuts so expect increased volatility and headlines to start coming in.

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