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Crude supply, OPEC, Russia in focus



Oil prices fell on Friday, overturned by OPEC's decision to delay a final decision on production cuts, pending Russia's support for non-OPEC heavyweights.

Brent international crude oil futures fell below $ 60 a barrel at the start of the session, trading at $ 59.50 a barrel at 0144 GMT, down 56 cents, or 0.9 percent from the last closure.

U.S .. West Texas Intermediate (WTI) crude futures were $ 51.24 a barrel, down 25 cents, or 0.5%.

The decline came after crude fell by almost 3% the previous day, with the Organization of Petroleum Exporting Countries (OPEC) which concluded a meeting at its headquarters in Vienna, Austria , without announcing the decision to cut the supply of crude oil, however, prepares to discuss the issue on Friday

"OPEC has decided to meet again on Friday … (as) Russia remains the critical point" said Stephen Innes, head of trading for Asia / Pacific at the Oanda futures broker in Singapore.

Analysts still expect a decision on reducing the offer.

"We are beginning to witness the profile of the next iteration of production cuts, with OPEC complying with cutting its production of about 1

million barrels a day, with the sign that drives non-OPEC members to contribute more, "Japanese MUFG Bank said in a statement.


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