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Daily Market Commentary

Oil prices crash
Market Commentary For Wednesday, June 7, 2017
Crude oil prices, both Brent and West Texas Intermediate are down sharply this morning after the EIA (Energy Information Agency) announced a significant stockpile of crude oil and distillates. The July contract for West Texas Intermediate (WTI) traded below $46 but has since recovered, currently trading at $46.02. The build in oil reserves is counter to what many analysts/economists expected as the Memorial Day long weekend (last weekend) has historically revealed an increase in demand for energy as the driving season gets under way. Is this a trend or just a one off?
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