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Crude Oil Falls, Still Heads to Weekly Gains on OPEC Hopes

November 18, 2016 at 18:40 by Vladimir Vyun

Futures for crude oil fell today but was heading to weekly gains. It would be the first weekly gain in a month. Prices were under pressure today as the US dollar continued to keep its strength that followed the unexpected outcome of the US presidential elections that resulted in Donald Trump becoming the US President.

There are still hopes that the Organization of Petroleum Exporting Countries will reach an agreement to cut oil production and thus support prices. Iran remains a major stumbling block, but other members of the organization are trying to convince the country to join the deal.

Baker Hughes reported that the number of US oil rigs increased by as much as 19 this week.

December futures for WTI crude oil dropped 0.79% to $45.06 per barrel as of 18:28 GMT on NYMEX today. January contract for Brent crude fell 0.49% to $46.26 per barrel on ICE.

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