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MTECHTIPS;-Oil Prices Slump As Investors Watch OPEC, U.S.-China Trade Conflict

MTECHTIPS;-Oil Prices Slump As Investors Watch OPEC, U.S.-China Trade Conflict

MTECHTIPS-Oil prices declined on Tuesday, as energy investors weighed potential outcomes for a meeting of major crude producers later this week, while keeping on eye on the latest developments in the ongoing U.S.-China trade conflict. August Brent crude, the global benchmark, was down 59 cents, or around 0.8%, to $74.75 a barrel on the ICE Futures Europe exchange at 4:10 AM ET (0810 GMT). Elsewhere, U.S. benchmark oil, August West Texas Intermediate crude lost 53 cents, or 0.8%, to $65.16 a barrel on the New York Mercantile Exchange. Oil prices finished higher on Monday, recouping earlier losses on the back of reports that the Organization of the Petroleum Exporting Countries’ (OPEC) along with Russia were discussing a smaller-than-expected increase in production. According to people briefed on the talks, OPEC will discuss an oil output hike of 300,000 to 600,000 barrels per day (bpd) at this week’s meeting, as it seeks to bridge the gap between Russia’s push for a big rise and Iran’s insistence that no change is needed. Last month, it was reported that OPEC and Russia were aiming to boost output by at least 1 million bpd at the June meeting

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