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Market report: Oil continues to drag markets

“The oil market extended one of its steepest declines in recent years with Brent crude plummeting past the $60 a barrel mark after the influential oil cartel Opec met in Vienna to decide production levels for the next six months” writes Garry White for telegraph.co.uk. Prices fell sharply as traders remained concerned that Opec would fall short of expectations, amid mounting pressure from US President Donald Trump, who is agitating for a reduction in the cost of crude.Brent crude fell as much as 5pc in afternoon trade before settling 3pc down at $59.67, while West Texas Intermediate tumbled below $51 a barrel before ending 3.1pc lower at $51.24. Opec agreed a tentative oil production cut during the meeting but said it was waiting to…
 
Source: telegraph.co.uk



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