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Oil prices continue to balk at OPEC agreement- Brent falls close to $78

The drop back in oil prices extended further on Friday evening. As covered here prior to that, this was all about the dissatisfaction over the voluntary OPEC output cut agreement. So, on Friday evening the price of Brent failed to hold above $80 (200 day moving average was around there, at $80.10) in late trading and once a series of interim lows just above that level gave way, the price fell back through $79 into the NYMEX settlement. Brent settled there, $1.98 lower, at $78.88. It has extended that fall so far today. The price has fallen close to $78 this morning and it is not far above that level right now. The low so far has just been set at $78.10. The next support is now at $77.67 and after that, at $76.70. Brent crude for February delivery is currently trading at $78.11

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