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Wednesday, 7 December 2016

Crude rally loses steam ahead of Opec/non-Opec meeting

Crude rally loses steam ahead of Opec/non-Opec meeting:
"US crude prices slid below the $50 a barrel mark as oil declined for a second straight day ahead of Opec’s meeting with non-members on Saturday.

West Texas Intermediate, the US oil marker, declined 2 per cent to $49.91 a barrel, while Brent crude, the global oil benchmark, dropped 1.6 per cent to $53.07 a barrel.

The oil cartel agreed last week to reduce output by 1.2m barrels per day to 32.5m for an initial period of six months, sending Brent crude above $55 a barrel. And Opec is now trying to convince 14 non-members to partake in output cuts as well. Indeed, Russia had previously indicated that it would make half of the 600,000 bpd cut the cartel wants to see from non-Opec countries."

'via Blog this'