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Brent unimpressed with OPEC+ weekend move

Over the weekend news emerged; that OPEC+ had agreed to extend their output cuts until the end of 2025. That prospect had been touted on the news wires on Friday morning and covered in an update here at the time. Well, it did not have a lasting impact on Friday and it has not so far today either. That is because oil prices are lower this morning, which is also rather at odds with the gains in stocks so far today and the US closes on Friday. The price of Brent crude for August delivery settled $0.77 lower on the NYMEX exchange on Friday, at $81.11. The price action so far today has seen Brent fall back from an earlier Asian high above $81.60, to below $81 just now. The low seen so far has just been set at $80.88. Brent is currently trading at $80.89

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