Crude oil reversed an upward trend in the final hours of trading on Thursday. Crude oil had topped the $100 mark but ended up lower on the day finishing down almost $2 dollars. News relating to a Saudi Arabian aid package helped to ease concerns for the region. In addition, the energy inventory report indicated another weekly increase in supplies. The oil market remains well-supplied with over 4 million barrels a day of OPEC spare capacity.
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Jim Sutliff