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Oil prices drop as OPEC cuts forecasts for demand growth

New York, U.S. | Xinhua | Oil prices fell on Wednesday after the Organization of the Petroleum Exporting Countries (OPEC) lowered its global oil demand growth estimates for both 2022 and 2023. The West Texas Intermediate for November delivery decreased 2.08 U.S. dollars, or 2.3 percent, to settle at 87.27 dollars …

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OPEC+ to cut oil output by 2 mln bpd from November

Vienna, Austria | Xinhua | The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, on Wednesday announced a major production cut of 2 million barrels per day (bpd) starting November to bolster oil prices that have recently tumbled over recession fears. The oil alliance …

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Oil prices drop as demand worries prevail

New York, U.S. | Xinhua | Oil prices fell on Friday as traders worried about a deteriorating demand outlook. The West Texas Intermediate (WTI) for November delivery decreased 1.74 U.S. dollars, or 2.1 percent, to settle at 79.49 dollars a barrel on the New York Mercantile Exchange. Brent crude for November …

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Oil prices rebound from nearly 9-month low

New York, U.S. | Xinhua | Oil prices rose on Tuesday after hitting their lowest levels since January in the prior session. The West Texas Intermediate for November delivery increased 1.79 U.S. dollars, or 2.3 percent, to settle at 78.5 dollars a barrel on the New York Mercantile Exchange. Brent crude …

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Oil prices edge higher ahead of OPEC+ meeting

New York, U.S. | Xinhua | Oil prices eked out modest gains on Friday as traders awaited a key meeting from major oil producers. The West Texas Intermediate for October delivery added 26 cents, or 0.3 percent, to settle at 86.87 U.S. dollars a barrel on the New York Mercantile Exchange. …

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Oil prices retreat from 3-month highs

New York, U.S. | Xinhua | Oil prices fell on Thursday after hitting their highest levels in three months in the prior session. The West Texas Intermediate (WTI) for July delivery lost 60 cents, or 0.5 percent, to settle at 121.51 U.S. dollars a barrel on the New York Mercantile Exchange. …

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OPEC+ agrees to significant oil output increases in July

Oil production to increase by 648,000 barrels per day (bpd) in July Vienna, Austria | Xinhua | The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, on Thursday agreed to significant oil output increases in July amid calls for the alliance to help contain …

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Oil prices rise as supply concerns persist

New York, U.S. | Xinhua | Oil prices advanced on Friday as concerns over tighter supplies remain on the market. The West Texas Intermediate for June delivery added 4.36 U.S. dollars, or 4.1 percent, to settle at 110.49 dollars a barrel on the New York Mercantile Exchange. Brent crude for July …

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