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Brent Crude hits fresh four-year low

FXStreet (Mumbai) - Brent Crude oil prices declined to a fresh four year low of USD 79.32 today on concerns that the Organization of Petroleum Exporting Countries (OPEC) group will not cut their output this month.

Brent Crude traded 0.47% lower at USD 79.41/barrel, compared to the previous session’s close of 79.82. The current weakness appears as an extension of a decline that was triggered by Kuwait Oil Minister’s comments earlier this week that the OPEC group is unlikely to announce a cut in the output at the meeting scheduled on Nov. 27.

So far, Saudi Arabia and Kuwait have resisted calls for a cut in the production even though other producers like Libya, Venezuela and Ecuador appear worried about a further fall in the price.

Brent Crude Technical Level

Brent has an immediate support located at 79.00, under which prices may fall sharply to 77.70 levels. Meanwhile, resistance is seen at 80.16 and 81.00 levels.

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