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Crude pushed $0.16 gain

Posted on: September 13, 2017

A pretty dull day in the crude markets. The first hot topic was the EIA short term outlook downward production revision to 9.84 million/bpd from 9.91 in August. The second, was the release of the OPEC August crude production levels. Production was slightly lower MoM and although Nigeria was 138k/bpd higher Libya offset that amount by -112k/bpd. Libya and Nigeria are exempt production cut members and have been under the spotlight in the recent months; on the topic of production cuts, there seems to be a market "whisper" forming that OPEC may extend cuts by three months.

WTI gained 16 cents to settle at $48.23.


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