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Oil slumps to lowest level of 2017

Published 05/02/2017, 02:22 PM
© Reuters.  Oil slumps to lowest level of 2017
SCO
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UCO
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  • There was some bullish news earlier today as OPEC reported a fourth consecutive month of oil output. Compliance, however, fell to 90% from 92% thanks to more production than expected from Angola and UAE. Libya said production rose to 760K bpd - the highest since Dec. 2014 - and the country plans to continue to boost output.
  • Then there's U.S. output - it's on the rise, hitting its strongest level since August 2015.
  • There's also comments from Saudi Crown Prince bin Salman on the wires, noting the unprecedented nature of the OPEC/Russia production cut deal. The upside for oil, he says, is $55 per barrel, and the downside $45.
  • WTI crude -2.35% to $47.69 per barrel.
  • ETFs: USO, OIL, UCO, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM, DWT, OILK, OILX, USOI, UWT, WTID, WTIU
  • Now read: Weekly Oil Markets Recap - Energy Investors Throw In The Towel, Should You?


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