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Crude Oil Fails to Keep Gains Caused by Supportive Fundamentals

December 18, 2017 at 18:29 by Vladimir Vyun

Futures for crude oil fell today despite supportive fundamentals. Earlier, prices rallied on the news about closure of Forties Pipeline System. It is North Sea’s biggest oil and gas pipeline.

The previous rally of crude was also caused by the Friday’s report from Baker Hughes that showed a surprise decrease of US oil rigs by 4. Still, analysts said that US output was growing at solid pace, undermining efforts led by the Organization of Petroleum Exporting Countries to rebalance the market by eliminating global surplus.

January futures for WTI crude oil slid by 0.7% to $56.90 per barrel as of 18:22 GMT on NYMEX today. February contract for Brent crude declined 0.32% to $63.03 per barrel on ICE.

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