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Crude gains $0.16

Posted on: October 19, 2017

There was a rise in fuel stockpiles but a draw in crude. The 5.7 million barrel draw wasn't quite as high as outlined in the Tuesday API report (7.1 million barrels). Refinery utilization decreased for the week limiting WTI gains. Geopolitical risk continues between Iraqi and Kurdish forces will likely be a topic over the next couple of weeks; according to Bloomberg and a port agent familiar with the data, the pipeline going through Kirkuk has been restored to 240k/bpd versus 600k/bpd cap.

All in all WTI prompt futures grabbed 16 cents to settle at $52.04.


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