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Crude Oil Retreats After Wednesday’s Rally, Keeps Weekly Gains

September 28, 2017 at 17:17 by Vladimir Vyun

Crude oil retreated today following yesterday’s gains but was holding onto gains over the week, the month, and the quarter. Crude rallied yesterday thanks to the unexpected decline of US crude oil inventories. Previously, the stockpiles swelled as Hurricane Harvey disrupted operation of many oil refineries. Yet now production returns to norm, and it is expected that consumption of oil in the United States will increase.

Crude was also rallying due to referendum in Iraq’s Kurdistan region that ended strongly in favor of independence. Turkey reacted to the news, saying that it will deal only with the Iraqi central government over exports of Kurdish oil. Considering that the region produces significant amount of crude, that may have a significant impact on oil supply from the Middle East.

November futures for WTI crude slid as much as 1.52% to $51.35 per barrel as of 17:07 GMT on NYMEX today. Contract for delivery of Brent grade of crude oil declined 1.28% to $57.16 per barrel on ICE.

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