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Brent steps back from above $84 after OPEC+ extend cuts

The news that the OPEC+  group of oil producing nations have extended their output cuts for at least another 3 months did lift oil prices. Brent rose to above $84 per barrel on Friday afternoon. The high seen in the May contract was set at $84.34, but it did back away into the final NYMEX settlement of the week. It later settled $1.64 higher, at $83.55. Today the price action has not yet broken any fresh ground. What is clear; is that both Saudi Arabia and Russia are keen to cut output levels further. Russia has cut output and it only seems a question of time before Saudi Arabia might do something to try and engineer prices higher. The range seen so far has been covered by $83..44 to $83.97. Brent for May delivery is currently trading at $83.50

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