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Brent gets battered as OPEC meeting ultimately disappoints

Perhaps too much was expected from the OPEC meeting today and also the fact there is said to be no uniform production cuts has sent oil prices tumbling back down. This is because according to reports thus far, actual additional production cuts will be left to the discretion of individual members. As far as reporting is concerned there is also much confusion as to whether the OPEC+ meeting is still ongoing. The latest news reports suggest that it is, so further headlines may yet emerge today. Leaving that aside, the oil market has taken exception to this outcome and now sees it as less than a concrete solution of any kind. Hence the price of February Brent tumbled very close to $80 a barrel a short while ago. Earlier today I did warn readers about significant volatility to come in this market this afternoon. So, it is hoped those warnings did not fall on deaf ears and delivered opportunity too. Brent has fallen to a low so far of $80.02. It is just now trading at $80.75
 

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