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Brent slides below $80 following news of OPEC delay

In the previous update I noted; that were it not for the looming OPEC weekend meeting, then the price of Brent crude would probably have already fallen below $80. Well, guess what? That OPEC meeting has now been delayed indefinitely as things stand. The reason for the delay is said to rest with dissatisfaction by Saudi Arabia over other members output conduct. There is also some inference that any potential planned, further output cuts from Saudi Arabia and Russia may not now take please. There are many caveats to that though and some caution is always advised, as we know these guys can act at a moments notice, when the price suits. That said, the oil markets have now fallen further and the price of January Brent has tumbled below $80 per barrel, very much as was suggested it would have, if that OPEC meeting was not scheduled at the weekend. Brent has traded to as low as $79.75, but it is bouncing back above $80 following headlines from news wires, casting doubt over the planned ceasefire timing in Gaza 

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