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11/17/2023, 7:14 PM (Source: TeleTrader)
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Brent surges over 4% as OPEC+ meeting nears

Crude oil prices for front-month settlements continued to go up on Friday as the Middle East unrest appeared to fuel up concerns about supply stability, coupled with the upcoming OPEC+ meeting during which oil producers are expected to consider whether additional output cuts will be required to stabilize the markets.

The organization's ministerial meeting will be held on November 26. Meanwhile, the European Union is looking to impose additional measures to tighten the control of Russia's oil prices.

At 1:03 pm ET, Brent for January deliveries soared 4.18% to sell at $80.67 per barrel. WTI for December contracts jumped 3.92% to trade at $75.76 a barrel.

Baha Breaking News (BBN) / AB