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Oil prices slipped due to raise in supply

1 min read

Crude oil

Oil prices slipped on Tuesday amid concerns over mounting supply after leading producers delayed talks on 2021 output policy that could extend production cuts as the coronavirus pandemic continues to sap fuel demand.

Opening trading for December Brent crude was down 20 cents, or 0.4% at $47.68 a barrel by 0136 GMT, after dropping more than 1% on Monday. West Texas Intermediate was down by 27 cents, or 0.6% at $45.07 a barrel, having dropped 0.4% in the previous session.

Still, both contracts surged around 27% in November, the biggest monthly gains since March after Covid-19 vaccine developments raised hopes of an economic recovery that could boost fuel demand.

OPEC+ delayed talks output policy for next year until Thursday, three sources said, as key players were still in disagreement on how much oil they should pump amid weak demand.

The grouping, including the Organization of the Petroleum Exporting Countries (OPEC), Russia and other allies, had been scheduled to hold its meeting on Tuesday after discussions of key ministers on Sunday failed to reach a consensus.

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