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Oil Falls as OPEC+ Extends Talks to Second Day Without Decision

  • Talks to continue with most opposing Russia’s proposed hike
  • Saudi energy minister says OPEC+ must not slacken its resolve
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OPEC+ to Decide on February Output
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Oil dropped the most in two weeks with OPEC+ yet to resolve an impasse on whether to keep raising production at a time when the pandemic threatens demand.

Futures fell 1.9% in New York alongside a broader market selloff. Talks between OPEC and its allies will continue for a second day after most members, including Saudi Arabia, opposed Russia’s proposal for another output increase in February, following the 500,000 barrels a day being added this month.