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Crude Oil Prices Will Likely Trade in a Tight Range Around $60

EIA Inventory data showed a draw down in crude for the second week in a row.

EIA Inventory data showed a draw down in crude for the second week in a row. Luke Rahbari of Stutland Volatility Group tells TheStreet's Jill Malandrino in addition to the bullish report on crude, the products such as gasoline are showing draw downs as well. All of these factors lend to a good floor in crude as the summer driving season will start to kick in. Rahbari has been more constructive on crude in the $50s and he now owns Exxon Mobil (XOM). Barring a major geopolitical event, Rahbari does not feel crude will move much higher from here and that the commodity has finally found its range after very volatile moves over the past year.

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