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WTI Crude Tops $50

For the first time since July 4th, the front-month WTI Crude futures contract traded above $50 - rallying almost incessantly from $44 when the OPEC 'deal' was announced last week. The catalyst for the latest move is more jawboning from OPEC, which as reported this morning, came courtesy of Algerian Energy Minister Noureddine Boutarfa who said during an interview on Ennahar television, that OPEC may cut 1% more output than agreed, although since virtually all of that production cut would have to come from Saudi Arabia, we are skeptical about the outcome.
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