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US Market Update – Video Analysis

Market Analysis

US Market Update – WTI crude fell to four-session lows of $48.30/bbl into the N.Y. open, with oversupply concerns remaining in place. Libya production has been the weight on oil today, which is not constrained by the OPEC/NOPEC output cut deal, and has recently upped its production to nearly 800k bpd, up from about 550k bpd in April, according to OPEC data. Increased Libya output, has offset a good bit of OPEC production cuts, weighing on oil prices. Canadian dollar mainly driven by Oil price, and despite the positive Canadian Data, capped today at 1.3494, which is  near week’s high.

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Stuart Cowell

Senior Market Analyst


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