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Bloomberg: OPEC, Russia agree on framework to extend oil cuts

Published 11/24/2017, 08:22 AM
© Reuters.  Bloomberg: OPEC, Russia agree on framework to extend oil cuts
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  • OPEC and Russia have reached a framework agreement to extend oil production cuts through end of this year, although both sides are working out crucial details, Bloomberg reports.
  • After days of talks, representatives from Saudi Arabia and Russia agree on the need to announce an additional period of cuts at the Nov. 30 OPEC meeting, and Russia wants the extension deal to include new language that would link the size of the cuts to the health of the oil market, according to the report.
  • OPEC and non-OPEC countries are said to be discussing several formulas to accommodate the Russian demands.
  • At last check, U.S. crude oil +1.2% at $58.71/bbl, Brent +0.2% at $63.68.
  • ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILK, WTIU, OILX, WTID, USOI
  • Now read: The Prospects For Crude Oil Heading Into The OPEC Meeting

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