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Crude down $0.34

Posted on: September 27, 2017

WTI flirted with $52 before ultimately settling 34 cents lower to $51.88 amid the API report for inventory draws of 761K, contrasting the Monday estimation for a 3 million barrel gain. Market participants have expressed some frustration with the potential cap on gains that WTI could experience in a rally, some quoting around $60, in the case that OPEC would simply reduce compliance levels and fail to extend cuts past March 2018; not doing so would almost be rewarding US shale production but this theory is up to debate.

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