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Hansen: WTI could hit $108
The oil price is rising amid increasing uncertainty surrounding the current Iraq crisis. Iraq produces around 3.6 million barrels a day and was aiming for four million. Yesterday OPEC agreed to keep total output at around thirty million barrels per day. The Iraq situation combined with better than expected economic signals from the US and China has seen the WTI price break past the $105.22 level and Brent is now trading around $111.00, that's despite OPEC saying this week it was content with a $95.00 to $110.00 range.
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