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Crude Dives on Possible OPEC+ Output Increases in 2024

OIL

Brent front month crude is easing back to a new intraday low of $88.88/bbl following a statement from Russia’s Central Bank that OPEC+ might discuss possible oil output increases for early 2024 during the next meeting if the global oil deficit worsens.

  • Brent DEC 23 down -0.5% at 89.2$/bbl
  • WTI NOV 23 down -0.7% at 86.02$/bbl
  • WTI-Brent up 0.01$/bbl at -4.45$/bbl
  • The next ministerial OPEC+ meeting is scheduled for 26 November.

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