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Crude plummets $1.30

Posted on: August 29, 2017

Don't say I didn't warn you: fresh headlines are coming in from OPEC prior to their September 22nd meeting. This isn't the first time that OPEC has hinted at extensions before a meeting and that is exactly what happened between Saudi Arabia and Russia. There is a whispered production cut extension of 3 months until June 2018 but let's wait and see what happens when the meeting actually takes place and extensions are more conclusive.

The OPEC headline wasn't enough to swing crude higher with Hurricane Harvey pressuring demand fundamentals of refiners. The net result was prompt WTI futures taking a $1.3 plunge to settle at $46.57.

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