Happy 2017! Crude oil recorded lucrative gains in 2016 as prices rebounded from decade low levels of US$ 30-ish/bbl in the prior year. Soaring over +50%, this marked the first annual gain for Brent crude oil in 4 years. The +45% rally in WTI crude oil also marked the first yearly increase, following the selloff, totaling -76%, over the previous 2 years. Apart from the low base, the rally was driven by ongoing speculations that OPEC and non-OPEC producers would freeze/cut output.
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Whether Oil’s 2016 Rally Can Continue in 2017 Depends on Output Cut Promise
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