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Oil prices recovered a little from their 4-year lows in today's session with Brent Crude trading +0.49% at USD78.71 a barrel and WTI Crude gaining +0.26% currently quoted at USD74.28. Market participants are awaiting the outcome of the OPEC meeting, which will take place tomorrow in Vienna. Saudi Arabia signalled today that a major change in output is not likely. Oil Minister Ali al-Naimi said he expects oil prices to stabilize itself eventually. As talks over the Iranian atomic program ended with no result western sanctions will not be relieved which keeps Iran from selling its oil - relieving oil prices a little. Russia's Rosneft CEO Igor Sechin said that yesterday that there is no critical oversupply and that Russia would not need to cut production even if oil prices decline below USD60 a barrel.
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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