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MTECHTIPS;-Crude oil snaps 3-day losing streak to settle higher

MTECHTIPS;-Crude oil snaps 3-day losing streak to settle higher

MTECHTIPS-Crude futures settled higher on Thursday, as traders mulled over data showing U.S. crude supplies fell the most in eleven-months while U.S. production rose to a more than two-year high. On the New York Mercantile Exchange crude futures for September delivery rose 31 cents to settle at $47.09 a barrel, while on London’s Intercontinental Exchange, Brent gained 64 cents to trade at $50.91 a barrel. Crude oil snapped a three-day losing streak, as traders appeared to take advantage of lower crude prices, following a slump on Wednesday, after a report from the Energy Information Administration showed U.S. production hit two-year highs. Total crude-oil production rose to 9.502 m barrels per day, an uptick of 79,000 barrels a day compared to last week, the EIA said. That was the highest weekly output figure since mid-July 2015, offsetting bullish crude inventories data, narrowing expectations of crude futures breaching $50 a barrel. “Barring any geopolitical catalysts, $50 [for WTI] will likely remain a stubborn resistance level in the near term, and if production continues to grind higher in the U.S., expect prices to remain under pressure,” said Tyler Richey, co-editor of the Sevens Report.

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