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Crude Oil Prices Stabilize After OPEC Disappointment

May 26, 2017 at 16:04 by Vladimir Vyun

Crude oil prices stabilized today following yesterday’s huge sell-off. The selling was triggered by the announcement from the Organization of Petroleum Exporting Countries. While the OPEC extended the preexisting production cuts, markets participants felt that deeper cuts were needed to counter the increasing supply from US producers. Apparently, the sell-off was somewhat overdone, and the prices recovered.

Talking about US production, later today Baker Hughes will announce the change in the number of US oil rigs over the week. The previous report showed an increase by 8.

Futures for delivery of WTI crude oil in July gained 0.57% to $49.18 per barrel as of 16:00 GMT on NYMEX today. Contract for Brent crude advanced 0.23% to $51.58 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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