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Crude Oil Update for 16 Jan 2017

Crude Oil Update for 16 Jan 2017

Crude Oil trading range for the day is 3508-3696.Crude oil gained on reports key OPEC members were starting to cut production as promised and on forecasts of strong demand growth in China. OPEC agreed in November to cut oil production to try to reduce a global supply glut that has depressed prices for more than two years. OPEC member Iraq, said it had cut production by 160,000 barrels per day since the beginning of January.

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