Brent crude trades lower

Brent crude, during the European trading session, edged lower, amid the scenario where Russia and Saudi Arabia could likely come to an agreement fading the most.

Brent crude drops 0.7%

In London, on the ICE Futures Exchange, Brent oil for November delivery traded at $47.28 a barrel, declining 0.7% or 35 cents.

Yesterday, Brent touched the $49.40 price level, rising 5%, following Russia and Saudi Arabia's failure to cooperate.

Furthermore, after the disappointed outcome showing that the probabilities for collaboration are more unlikely to take place, Brent's price trimmed its previous gains and traded at $47.63.

Moreover, the two biggest oil producers, Russia and Saudi Arabia, are planning to set up a monitoring group that will come up with some recommendations for overcoming instability.

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