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Oil Prices Fall Despite Reports that OPEC Agrees on Production Cut
Friday, 6 March 2020 13:09 WIB | ENERGY |Minyak BrentMinyak MentahMinyak WTI

Oil prices fell on Friday in Asia despite reports that OPEC ministers decided to cut oil output by 1.5 million barrels per day. The cut is reportedly to be conditional on approval from Russia.

The 14-member group added that the group would review this policy at its next meeting on June 9.

A meeting of both OPEC and OPEC+ members later in the day is in focus. Russia's willingness for deeper production cuts are uncertain, as recent reports suggested that Moscow is in favor of an extension to the current level of cuts rather than a further reduction.

The news failed to lift oil prices today however, as slumping U.S. equities put pressure on oil markets.

U.S. Crude Oil WTI Futures were down 1.3% to $45.31 by 12:30 AM ET (04:30 GMT). International Brent Oil Futures also lost 1.3% to $49.33.

Source : Investing.com

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