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Oil's Rapid Run of Declines Kicks Up Pressure as OPEC Gathers

  • U.S. benchmark’s tumble persists after entering bear market
  • Investors are focusing on OPEC meet this weekend in Abu Dhabi
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Former U.S. Energy Secretary Ernest Moniz discusses oil markets, sanctions on Iran and U.S. energy policy.Source: Bloomberg
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It’s all eyes on OPEC as U.S. oil prices fell for 10 consecutive days, wiping out any gains for the year.

Futures in New York slid 0.8 percent to settle at $60.19 a barrel on Friday, a day after falling into a bear market on concerns growing supplies will overwhelm the market, as the U.S. offered nations waivers to continue buying Iranian oil. The plunge will push OPEC and its allies into a corner as they gather in a highly-anticipated meeting this weekend that could yield a signal on future production cuts.