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Oil Trades Near Eight-Month Low Before OPEC Meeting

Oil traded near its lowest closing price in eight months in New York before the Organization of Petroleum Exporting Countries meets to discuss potential changes to its production ceiling.

Futures fluctuated, rising as much as 0.6 percent after earlier falling for the fifth time in six days. OPEC, which convenes in Vienna today, will probably maintain its output ceiling as concern that global growth is shrinking outweighs calls for supply cuts to stem sliding crude prices, three of the group’s ministers said. Oil advanced after approaching a technical support level, data compiled by Bloomberg showed.