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Brent crude falls below $80 as reports of further OPEC meeting delays circulate

All is not well within the biggest cartel in the world. There is still disagreement it seems within OPEC. That is because Saudi Arabia wants to push for more cuts, whereas some African producers are against such a move. That backdrop comes ahead of the planned OPEC meeting on Thursday and so it remains to be seen if an overall production cut can be reached. The truth is that oil demand is not out there right now and production levels are more than meeting that demand. In fact a report on all this has just now been released from the leading news agency, Reuters who have reported, that owing to further disagreement, the meeting planned for Thursday might be postponed again. That has seen the price of January crude immediately lower again. We had many price swings on this yesterday in between $79 and $81 and it looks we are in for more of the same today. Earlier Brent rose to as high as $81.02. It is now falling back below $80 once more, falling to $79.80 a moment ago. It is just now trading at $79.95
 

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