12/6/2019, 6:27 AM (Source: TeleTrader)
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Oil prices drop ahead of OPEC decision

Prices of oil futures declined on Friday after it was reported that the Organization of the Petroleum Exporting Countries (OPEC) agreed in principle to reduce oil output by additional 500,000 barrels per day in the first quarter of 2020. The potential deal would have to be ratified during today's meeting with non-OPEC countries.

Traders will also be focused on the Baker Hughes Rig Counts report, which is set to be released later in the day.

Brent for February deliveries decreased by 0.21% to go for $63.15 per barrel at 12:16 am ET, while West Texas Intermediate (WTI) for settlements in January dipped 0.12% to sell for $58.27 per barrel at 12:06 am ET.

Breaking the News / MS