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Oil Poised for Second Weekly Loss Ahead of OPEC+ Supply Decision

Bloomberg.com · last updated

Oil was on track for a second weekly decline ahead of an OPEC+ meeting on output policy that’s expected to lead to another supply hike.

Brent slipped below $64 a barrel after dropping 1.2% on Thursday, while West Texas Intermediate traded near $61. A sub-group led by Saudi Arabia is set to meet on Saturday to decide on July production levels, with preliminary talks last week discussing a third consecutive supply increase.

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