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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