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Oil prices rose in today's session with Brent Crude trading +1.18% at USD80.27 a barrel and WTI Crude gaining +0.95% currently quoted at USD76.57 supported by good U.S. economic data published yesterday.
Investors try to assess the potential outcome of the OPEC meeting, which will take place next week in Vienna. Experts note that the main producers of OPEC do not want to reduce production quotas, and other members of the cartel, including Venezuela, Iran, Ecuador, Nigeria and Algeria called for measures to stabilize oil prices. Morgan Stanley analysts pointed out that the probability that the leadership of OPEC still decide to cut production, has recently increased.
Increasingly weak oil prices which have fallen by almost a third in five months add further pressure on the leading OPEC members Saudi Arabia and Kuwait that still seem resisting calls from other members to cut output as they fear losing market shares to U.S. shale drillers. The OPEC with its 12 member countries responsible for 40% of world's oil production is scheduled to meet in Vienna on November 27 to discuss 2015 production target and whether to adjust the current volume of production at 30 million. B / d at the beginning of 2015.
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