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Monday, 28 November 2016

Oil Extends Slide Below $46 on Skepticism Over OPEC Output Deal - Bloomberg

Oil Extends Slide Below $46 on Skepticism Over OPEC Output Deal - Bloomberg:
"Oil extended declines to slip below $46 a barrel amid skepticism over OPEC’s ability to reach an agreement to cut output as representatives prepare to meet Monday amid last-minute negotiations over the deal the group aims to formalize Wednesday.

Futures fell as much as 2 percent in New York after dropping 4 percent on Friday. Saudi Arabia for the first time on Sunday suggested OPEC doesn’t necessarily need to curb output and pulled out of a scheduled meeting with non-member producers, including Russia. OPEC will hold an internal meeting in Vienna Monday to resolve its differences and, as part of the final push to reach an agreement, oil ministers from Algeria and Venezuela are heading to Moscow to get the group’s biggest rival on board."

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