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Oil Closes Lower Awaiting OPEC Meeting Outcome

M. Ali 5 January, 2021 12:22 am Commodities, Market Update

Crude oil prices finished Monday on a lower note, amid anticipation for the outcomes of the OPEC+ summit, which will resume on Tuesday.

Saudi Arabia is calling for maintaining the output curbs, while Russia is asking for raising production in anticipation for demand recovery.

Brent crude futures for March delivery fell by 71 cents, or 1.4%, to finish the first session of the year at the level of $51.09 per barrel.

Meanwhile, the West Texas Intermediate (WTI) crude futures for February delivery declined by 90 cents, or 1.9%, to close at $47.62 per barrel.

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