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Home / Business / Oil pares loss as Saudi Arabia, OPEC President Trump: WSJ said to weigh 'clandestine cuts'

Oil pares loss as Saudi Arabia, OPEC President Trump: WSJ said to weigh 'clandestine cuts'



OPEC is contemplating ways to scale back and forth in crude futures. January crude oil trading on the New York Mercantile Exchange was down 6.4% at $ 51.15, as WSJ said the Saudi-led Organization of the Petroleum Exporting Countries is moving towards a compromise that would lower its demand for President Donald Trump's demands to keep prices lower , OPEC and other major producers set for Dec. 6. WSJ writes, citing people familiar, that in a clandestine crude cut, OPEC "would announce plans to retain current output targets, first set in 2016. That move would be a production pullback because Saudi Arabia is overproducing by nearly one million barrels a Oil trading is due to settle early in post-Thanksgiving trading at 1

:30 Eastern time.

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