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OPEC news fails to alarm market

WORLD oil prices continued their downward spiral before holding firm at the end of the week - even despite reports that OPEC members have agreed to trim production by 1 million barrels (MMbbl).

Francine Pennington

In Singapore, Tapis crude plunged by more than $US2.22 in the last two days to close at $63.17 a barrel, while New York’s West Texas Intermediate index rose slightly to $58.55/bbl. Algerian Energy and...

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