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Oil prices slump again
Nov 16: Oil fell to its lowest in three months, as the prospect of another year of oversupply and weak prices overshadowed chances that OPEC will reach a deal to cut output. Donald Trump's surprise victory in last week's U.S. presidential election has boosted stocks and the dollar, but undermined much of the commodities complex, including oil, which has sagged as expectations that the world's largest exporters will agree to reduce output this month have waned.
8OPEC plans to cut or freeze output, but analysts doubt the group's ability to reach an agreement at its meeting on November. 30.
8The Organization of the Petroleum Exporting Countries said on Friday its output hit a record 33.64 million barrels per day in October, and forecast an even larger global surplus in 2017 than the International Energy Agency on Thursday.
8Concerns over a global supply glut intensified after OPEC said that its oil production rose by 240,000 barrels per day (bpd) to an all-time high of 33.64 million in October, with Nigeria, Libya and Iraq blamed for the increase.
8Yet, Saudi Energy Minister Khalid al-Falih has said it was imperative for OPEC to reach a consensus on activating a deal made in September in Algiers to cut production.
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