1/27, 6:01 PM (Source: TeleTrader)
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Crude oil prices change course, WTI falls 1%

Crude oil prices for future contracts declined on Friday as investors awaited Baker Hughes' rig count weekly report slated for release later today, while bracing for the next week's meeting by the the OPEC+ Joint Ministerial Monitoring Committee (JMMC).

The European Union's member states appear to have failed to reach consensus on the price ceiling level for Russian crude oil products during today's meeting as the bloc remained divided over the amount of the cap that is now being suggested. According to the Wall Street Journal, the EU ministers will meet again next week.

West Texas Intermediate (WTI) for settlements in March fell by 1.04% at 11:50 am ET to sell for $80.20 per barrel. Brent for the same month's deliveries dipped by 0.73% to go for $86.81 per barrel.

Baha Breaking News (BBN) / AB