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Oil Closes Lower Ahead of OPEC Meeting

M. Ali 2 March, 2021 3:27 am Commodities, Market Update

Oil prices declined on Monday, as the market is anticipating the upcoming OPEC+ summit this week, which will decide on production policy during March.

The meeting is expected to see the easing of output curbs amid the recovery of global crude prices.

Brent crude futures for May delivery declined by 73 cents, or 1.1%, to finish at $63.69 per barrel.

Meanwhile, the West Texas Intermediate (WTI) crude futures for April delivery closed lower by 86 cents, or 1.4%, at $60.64 per barrel.   

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