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Crude oil futures end lower on Friday

28 Nov 2020 Evaluate

Crude oil futures ended lower on Friday ahead of an important OPEC meeting, after settling on Wednesday at the highest level since early March. As per a private report, the Organization of the Petroleum Exporting Countries and its allies, including Russia, a group known as OPEC+, was leaning toward delaying next year’s planned increase in oil output. However, tensions among OPEC members and allies about an extension of current supply curbs have resulted in the scheduling of a two-day virtual gathering starting November 30. Though, losses remained capped amid growing hope that vaccines for COVID-19 which will help to improve demand trends in the economy that had been weakening due to the impact of the pandemic on business activity.

Crude oil futures for January slipped 18 cents or 0.8 percent to settle at $45.53 a barrel on the New York Mercantile Exchange. January Brent crude climbed 38 cents or 0.8 percent to settle at $48.18 a barrel on London's Intercontinental Exchange.

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