Brent Rises Amid Speculation OPEC Will React to Oil Price
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Brent crude rose for the first time in a week amid speculation that the drop in prices below $80 a barrel increases the likelihood that OPEC will cut production. West Texas Intermediate was little changed in New York.
Futures gained as much as 1.5 percent in London. OPEC producers have stepped up their diplomatic visits before the group’s meeting in two weeks, potentially seeking a consensus on how to react to oil prices that have plunged to a four-year low. Prices could slide further in the coming months as the market enters a period of weaker demand, the International Energy Agency said today.