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10/14, 9:28 AM (Source: TeleTrader)
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Crude prices decline as Russia, Saudi Arabia talk oil

Crude oil prices traded with losses on Monday as Russian President Vladimir Putin arrived to Saudi Arabia for high level talks with Riyadh officials where the global oil market will be one of the most important topics.

During the visit, Russian Energy Minister Alexander Novak said the two countries would be signing a number of agreements while his Saudi counterpart Prince Abdulaziz bin Salman noted the two countries would talk about OPEC+ oil production cuts. The Saudi energy minister also stated that oil prices have been affected this year by the trade war between the United States and China and global economic growth worries. Meanwhile, Novak stressed that Russia finds it important for OPEC+ to be able to respond quickly to any rapid changes in the oil market.

West Texas Intermediate (WTI) futures for November were down 1.12%, going for $54.07 per barrel, at 3:13 am ET. International benchmark Brent due in December declined by 1.19% and was at $59.76 per barrel at 3:14 am ET.

Breaking the News / VP