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Oil Down with Potential Supply Cut Easing Expected at Wednesday's OPEC Meeting

27 days ago   |   By FXCM

By Bryan Wong
Investing.com- Oil was down on Monday morning in Asia, ahead of OPEC's technical meeting scheduled to take place this Wednesday. Investors are expecting OPEC to recommend an easing in existing supply cuts that could reverse oil gains.
“The planned easing of OPEC+ production cuts next month and a potential rebound in U.S. production could add pressure on the supply side of the equation,” Stephen Innes, chief global markets strategist at AxiCorp warned in a note.
Brent oil futures dropped 0.74% to $42.92 by 11:58 PM ET  while WTI futures slid 0.81% to $40.22.
Oil was up more...
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