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Crude Oil Posts Limited Gains as Fundamentals Remain Confusing

February 20, 2017 at 17:36 by Vladimir Vyun

Prices for crude oil edged higher today, but gains were somewhat limited amid confusing fundamentals. On one hand, productions cuts from the Organization of Petroleum Exporting Countries and some other major oil producers continued to provide support to the bullish side of the market. On the other, rising supply from the United States remained an argument for the bears.

The bullish factor allowed prices for crude to stage a rally that has started in November of the last year and lasted till the end of the year. Yet the rally has stalled after the bearish factors kicked in, and the commodity was trading mostly in a range since then.

Futures for delivery of WTI crude oil in March gained 0.34% to $53.58 per barrel as of 17:21 GMT on NYMEX today. April contract for Brent crude rose 0.56% to $56.12 per barrel on ICE.

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