Crude Oil Prices Retreated as Doubts over Output Cut Remain

Crude oil prices retreated on profit-taking and as the market cast doubt over whether Russia and OPEC’s production cut plan would materialize. The commodity sector is also weighed down by a strong US dollar which was lifted by heightened speculations of Fed funds rate hike in December. The front-month WTI crude contract slipped -1.09% but still managed to close above US$50/bbl.

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Crude Oil Prices Retreated as Doubts over Output Cut Remain