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Oil Rally Stalls on Uncertainty Over OPEC+ Output Plan

  • Monday talks end without an agreement on next year’s output
  • Saudi Arabia mulls resigning from role as co-chair of JMMC
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OPEC+ Heads Into Crucial Talks Still Split Over Output Plans
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Oil’s rally above $45 a barrel hit the brakes on Monday after OPEC talks ended without a clear stance on whether to delay an output increase in January.

Futures extended losses after closing 0.4% lower in New York following news that members of the cartel rescheduled a meeting with allies to Thursday. Further talks were needed after members failed to reach an agreement among themselves. This month’s price jump has some countries questioning the need to extend production curbs that are set to expire.