Down 1.57 % on the day
The price of crude oil futures are settling at $70.71/BBL. That is down -$1.13 or 1.57% on the day.
The high reached $72 while the low extended to $70.52 - still above the key $70 level.
The catalyst for the recent declines:
- Higher than expected inventories were reported yesterday
- OPEC may raise production to offset expected declines from Venezuela and from Iran
- The generally higher dollar.
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