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Tuesday, 27 September 2016

Oil Falls as Saudis Says OPEC Output Freeze Unlikely Wednesday - Bloomberg

Oil Falls as Saudis Says OPEC Output Freeze Unlikely Wednesday - Bloomberg:

"Oil dropped after Saudi Arabia said it doesn’t expect a production accord to be reached when OPEC ministers meet Wednesday, but left open the possibility of a deal when they gather in November.
Futures fell 2.7 percent in New York, continuing the gyrations of recent days. Saudi Oil Minister Khalid Al-Falih said several potential freeze pacts are being discussed, but that agreement in Algiers is unlikely when ministers meet informally Wednesday. Iran, Nigeria and Libya "have special conditions," Falih said. Influential forecasters gave a worsening outlook for the market, with the head of the International Energy Agency saying supply and demand won’t be in balance until late 2017 and Goldman Sachs Group Inc. cutting its fourth quarter price forecast."



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