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Oil rises amid OPEC's agreement failure


Oil managed to regain bullish momentum, following its previous drop, amid the recent concerns regarding the Organization of the Petroleum Exporting Countries (OPEC) meeting where a probable agreement on output cuts failed.

U.S. crude oil trades at $45.97

The crude oil in the U.S. traded at $45.97 a barrel, declining 0.22% or 8 cents. Brent futures, on a global benchmark, traded at $48.16 a barrel, falling 0.19% or 8 cents.

Furthermore, the producer cartel made up of 14 member states, including Russia, a non-OPEC member, aims to proceed with production cuts to reduce worldwide supply.

Moreover, the OPEC members, in September, came up with an agreement of minimizing production to approximately 32.5 - 33 million barrels on a daily basis.

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Source: https://www.argusfx.com/en/research-education/market-analysis/news/oil-rises-amid-opec-s-agreement-failure
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