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Oil sputters after OPEC+ fails to nail down new output target

Oil sputtered near USD 58 a barrel as the OPEC+ coalition failed to pin down the details of an agreement to adjust its official output target even after six hours of talks in Vienna.

Photo: Leonhard Foeger/Reuters/Ritzau Scanpix

Futures fell 0.3 percent in New York after gyrating throughout the previous session. While the Organization of Petroleum Exporting Countries is nearing a deal to deepen its output cut by 500,000 barrels a day, ministers left the cartel’s headquarters on Thursday without cementing an agreement. Saudi Prince Abdulaziz bin Salman, in his first meeting as energy minister, left reporters with a promise of “beautiful news tomorrow.”

Oil is still on track for the biggest weekly gain since September as shrinking American crude stockpiles and signs of progress on a possible US-China trade deal added to the bullish tone. Full compliance to cuts got easier for Russia, which has achieved its targeted curbs in just three months this year, after OPEC agreed to exclude a very light oil called condensate from the country’s quota, while the new target for Iraq was a particular sticking point.

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