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Oil Ends Friday with Losses After OPEC Meeting

December 5, 2015 at 3:37 by Vladimir Vyun

Crude oil ended Friday’s trading with losses after the unfavorable outcome of the OPEC meeting. Ahead of the gathering, there were speculations that Saudi Arabia is trying to convince other oil producer to reduce output as a measure to support the falling prices. Yet Iran said that it is not going to do so until it restores its export hurt by years of Western sanctions.

Released earlier this week, the report from the Energy Information Administration showed that US inventories swelled by 1.2 million barrels last week. Experts had predicted a decrease by 0.6 million. On a positive note, Baker Hughes reported on Friday that the number of US oil rigs decreased by 10 during this week.

Futures for delivery of WTI crude oil in January dipped 2.29 percent to $40.14 per barrel on NYMEX yesterday. Prices for Brent crude were down 1.92 percent to $43 per barrel on ICE.

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