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Crude Oil Updates for 20 Dec 2016

Crude Oil Updates for 20 Dec 2016

Crudeoil trading range for the day is 3559-3663. Crude oil rose in anticipation of tighter crude supply going into 2017 following the decision by OPEC and other producers to cut output. OPEC and other producers led by Russia have announced cutbacks of almost 1.8 million bpd in oil production from January 2017. Saudi Arabia has stated its willingness to cut production below 10 million bpd if needed, which should limit risk to the deal.

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