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Oil Reverses Gains After OPEC Report

October 12, 2015 at 15:29 by Vladimir Vyun

Crude oil reversed earlier gains, falling today. The drop followed the release of the Monthly Oil Market Report from the Organization of Petroleum Exporting Countries.

The report itself was actually fairly positive for the commodity. The OPEC predicted that supply from the United States will shrink for the first time in eight years. This coincides with the constant drop of the US rig count. Moreover, output from other non-OPEC countries is also expected to drop (mostly from the former Soviet Union region).

Yet all the positive data was unable to prevent prices from dropping more than 1 percent.

November contract for delivery of WTI crude oil declined 1.57 percent to $48.85 per barrel as of 15:26 GMT on NYMEX today. Brent oil dropped 1.18 percent to $52.03 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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