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Oil Prices Falls Ahead of OPEC+ Meeting

Oil prices plunged on Wednesday ahead of OPEC+ meeting as the ongoing pandemic continues to suppress the outlook for oil demand.

Japan, the world’s fourth-biggest crude buyer, reported another fall in crude oil imports in July.

Pressuring prices further was a large build in gasoline inventories which offset a modest draw in crude oil inventories, data from the American Petroleum Institute showed.

On the supply side, compliance with the deal by OPEC countries was 95%, and by non-OPEC countries, it was 96%.

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