Crude oil prices extended the fall as the pre-OPEC talk between some OPEC members and Russia failed to sort out the ways to defend price decline. Although Russia’s Rosneft announced it had cut its daily output by -25K bpd because of “market conditions”, the amount was insignificant to reverse the situation. The front-month contract for WTI crude oil slumped to a 2-week low of 73.71 before ending the day at 74.09, down -2.23%. The Brent crude contract plunge to as low as 78.05 before settling at 78.33, down -1.69%.
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Crude Price Slumped as Pre-OPEC Meeting Failed to Find Resolution
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