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Oil prices edged up from 4-year lows in today's session with Brent Crude trading +0.50% at USD80.08 a barrel and WTI Crude gaining +0.37% currently quoted at USD76. Market participants are awaiting the outcome of the OPEC meeting, which will take place this week on Thursday in Vienna. According to an insider Iran, Iraq and Libya will not have to cut their supplies if the 12 oil ministers of the OPEC decide to trim production. The head of the Russian state oil company, Igor Sechin, met OPEC officials today fuelling rumours that Russia could trim quotas or exports if the OPEC decides to do the same.
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.
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