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Crude Oil Continues March Higher, Natural Gas Drops After Supply Report

May 18, 2017 at 17:03 by Vladimir Vyun

Futures for crude oil continued to climb today, extending its yesterday’s rally. Crude gained as the report from the Energy Information Administration showed a drop of US oil stockpiles, though the decline was not as big as market participants had counted on. Experts warned that markets remain well-supplied despite the drop of inventories, meaning that the current rally of oil prices can be rather fragile.

Trading is expected to be choppy ahead of the March 25 meeting between members of the Organization of Petroleum Exporting Countries and some non-OPEC producer. During the gathering, they will discuss extension of oil production cuts. Their decision will likely have a tremendous impact on crude, though at the present time it impossible to say whether the influence will be positive or negative.

June future for WTI crude oil advanced 0.73% to $49.43 per barrel as of 16:55 GMT on NYMEX today. July Brent crude advanced 0.69% to trade at $52.57 per barrel on ICE.

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