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Qatar leaving OPEC

Qatar has been a member of the OPEC organization since 1961 and it just announced it will be leaving OPEC next month.

Simply means lower supply for oil , simply means an increase in oil's price.

Also in different news , Canada lowered supply.
All these news contribute to much higher oil prices.

Crude oil seen in short term at 56-57$ , it is currently trading at 53$ with last week close at 50.50$ .

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