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Crude pushed $0.85 higher

Posted on: October 16, 2017

Thursday's EIA 2.75 million barrel stockpile draw resonated more with market participants on Friday and contributed to a 85 cent gain and $51.45 settle. In addition to the surprise stockpile draw, Chinese imports have been stimulating the demand side of the global oil price equation-- at 9.04 million/ bpd (or a 13% MoM increase) for September according to Bloomberg and data gathered by the General Administration of Customs. President Trump did not certify the Iran deal and will impose new sanctions on OPEC's third largest producer.

Iran will likely face hardships moving forward with foreign energy investment as a result. The US rig count fell by 5 to 743 and the Brent-WTI spread settled at a $5.44 premium.


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