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Oil Falls Ahead of OPEC Meeting

June 4, 2015 at 22:43 by Vladimir Vyun

Crude oil prices demonstrated rather substantial losses during today’s trading session ahead of tomorrow’s meeting of the Organization of Petroleum Exporting Countries in Vienna. Experts predict that the OPEC will not reduce its production despite oversupply on the market and ignoring calls from some producers to cut output in order to support prices. Iraqi Oil Minister Adil Abdul-Mahdi said that his country will actually increase exports.

The prospect for increasing supply to the already oversaturated market is detrimental to the commodity. Prices were under pressure also as the dollar was slowly recovering from its earlier losses.

Brent crude dropped 2.77 percent to $62.03 per barrel as of 22:38 GMT on ICE today. WTI crude was down 0.03 percent to trade at $57.98 at the start of Friday’s trading after sinking 2.74 percent on NYMEX during the Thursday’s session.

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