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Crude Oil Retreats Ahead of EIA Data as Speculators Take Profit

October 3, 2017 at 17:21 by Vladimir Vyun

Futures for crude oil fell today, though the losses were limited. Market analysts explained the drop by profit-taking after a very strong third quarter of the year. Crude had some support from comments by OPEC Secretary-General Mohammad Barkindo, who praised high compliance between OPEC and non-OPEC members of the production cut agreement. That statement followed yesterday’s news that compliance within the Organization of Petroleum Exporting Countries fell to 86%.

Traders watch for tomorrow’s supply report from the Energy Information Administration. Experts predicted that the EIA will report a drop of US oil inventories by about 500,000 barrels. Any deviation from the forecast can affect oil prices.

November contract for delivery of WTI crude oil fell 0.36% to $50.40 per barrel as of 17:09 GMT on NYMEX today. December Brent crude declined 0.43% to $55.88 per barrel on ICE.

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