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WTI & Brent operated around settlement levels...>

OIL
OIL: WTI & Brent operated around settlement levels struggling for direction
after Thursday's Trump-inspired sell off. Trump took to Twitter on Thursday,
stating that the "OPEC monopoly must get prices down now!"
- This comes ahead of the OPEC+ summit in Algiers, which the Iranian Oil
Minister Zageneh will not attend. Zangeneh has threatened to veto any production
alteration that harms the interests of his country and also stated that he is
encouraged by oil prices reaching $80.
- As a reminder Saudi & Russia are already moving beyond the 2016 deal, as they
hold the majority of the spare capacity within the OPEC+ agreement.
- Baker Hughes rig count data headlines Friday, ahead of the aforementioned OPEC
summit set to be held over the weekend.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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