Brent Oil Drops Before OPEC Meeting, Iran Nuclear Talks
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Brent crude dropped for a second day as investors weighed the possibility that OPEC will reduce output next week, or that talks over Iran’s nuclear program could result in an agreement. West Texas Intermediate was little changed in New York.
Futures lost as much as 0.6 percent in London. Venezuela, one of 12 members of the Organization of Petroleum Exporting Countries, met with Russia to discuss ways to support oil prices, the foreign ministry in Caracas said yesterday. Iranians are expressing more optimism than their U.S. and European counterparts as negotiations resume over the Islamic Republic’s disputed nuclear program, according to officials from both sides of the talks.