(MENAFN- Trend News Agency)
Oil prices dropped on Friday ahead of a key meeting by the
Organization of the Petroleum Exporting Countries and its allies,
collectively known as OPEC+, trend reports citing xinhua .
The West Texas Intermediate (WTI) for January delivery lost 1.24
U.S. dollars, or 1.5 percent, to settle at 79.98 dollars a barrel
on the New York Mercantile Exchange. Brent crude for February
delivery decreased 1.31 dollars, or 1.5 percent, to close at 85.57
dollars a barrel on the London ICE Futures Exchange.
OPEC+ will meet on Sunday. In October, the oil alliance agreed
to reduce its output target by 2 million barrels per day from
November to shore up prices.
Experts said the group is likely to leave its output unchanged
at the upcoming meeting.
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