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Oil prices slip on Opec deal extension jitters

Russia has expressed concerns that prolonging output cuts could cause the market to overheat

Oil prices have received a broad lift this year, with Brent up by 40 per cent since mid-2017, due to an effort by Opec and a group of other producers, led by Russia, to withhold 1.8 million barrels per day of output. The deal expires in March 2018, but Opec will meet on Nov 30 and is expected to discuss ways of extending the cut.


OIL prices fell on Wednesday on doubts the Organization of the Petroleum Exporting Countries (Opec) and Russia will agree on extending a crude production cut that the market has already priced in, and after a report of an unexpected rise in US crude oil inventories.

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