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Oil dips below $66 amid OPEC nations' clashing views over supply policy

Venezuela and Iran write to OPEC urging unity against the US

oil prices, opec, crude oil, oil supply
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Heesu Lee & Grant Smith | Bloomberg
Oil traded near $66 a barrel in New York amid signs OPEC nations may clash over production policy when they meet later this month.

Futures fell 0.5 percent on Friday and are headed for a third week of declines. The US was said to ask key producers to raise output to compensate for potential supply shortfalls, and Saudi Arabia and Russia have signaled they’re ready to increase. However, Venezuela and Iran have written to fellow OPEC members urging unity against American sanctions, according to letters seen by Bloomberg News.

The OPEC meeting may end in failure due to conflicting positions

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