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Brent crude spikes higher following reports of delayed OPEC output increase
A short while ago oil prices jumped higher on reports that OPEC is planning to delay the planned output increases set for next month. This news has not as yet been confirmed by OPEC. However the reports on the news wires sent the price of Brent for November delivery screaming higher. Prior to that Brent had slumped to a new session low around $72.65, but it was already on the rebound when these news reports emerged. The price subsequently lifted to a high at $74.69, but it has just backed off that now. Brent is currently trading at $74.05
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