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Oil prices dip as OPEC awaits Russia to join cut

By Jeff Davies

Prices of crude futures were falling on Friday as the Organization of Petroleum Exporting Countries (OPEC) convenes to reach an agreement on a production cut with non-OPEC countries.

A report from earlier in the day said that Russia is willing to curb its oil production only by 150,000 barrels per day. Yesterday, Saudi Energy Minister Khalid al-Falih said he was unsure if Russia would agree to a proposed cut of 1 million barrels per day, and earlier, he stated that a decision will have to be made unanimously among OPEC and non-OPEC oil producers participating in the meeting.

West Texas Intermediate deliveries for January declined 0.27% to $51.58 per barrel at 8:21 am GMT, after sliding over 1% previously during the session. At the same time, Brent deliveries for February lost 0.15%, selling for $60.22 per barrel, reducing the decline of over 1% recorded shortly before.

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