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6/27, 9:41 AM (Source: TeleTrader)
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Oil prices lower with G20, OPEC+ in focus

Crude prices traded in the red on Thursday, erasing some of the gains won in the previous session as investors look ahead to the G20 summit in Osaka. Oil rose over 2% on Wednesday following news of a larger-than-expected drawdown in United States crude stockpiles reported by the Energy Information Administration (EIA).

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) and allies are set to meet next week in Vienna to decide on another production cut extension.

Brent futures for September deliveries lost 0.61% at 3:28 am ET to go for $65.30 per barrel, while West Texas Intermediate futures for the same month fell 0.62% to $59.06 a barrel at 3:25 am ET.

Breaking the News / JC