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Oil price drops before Opec countries meet

  • Oil prices fell ahead of the Opec oil producing countries meeting on Thursday, media reports say.

    Brent crude dropped 58 cents to reach $77.75 per barrel.

    Saudi Arabia has indicated it won’t push for output cuts to make prices higher. 

    On Wednesday, November 26, the US crude ended at $73.69 per barrel, down 40 cents.

    Ali al-Naimi, the Saudi oil minister, said the oil market would eventually “stabilize itself.” Saudi Arabia is the largest oil producer among Opec nations.

     

    Tagged as: oil price, Opec, oil, Brent crude, Saudi Arabia, Ali al-Naimi, business news