November 26, 2014 6:17 PM

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Oil prices rise slightly as Saudi Arabia refuses to cut production

Brent crude oil futures rose 20 cents, to 78.53 dollars a barrel, today, after Saudi Arabia signaled that it was unlikely to push for a major change in OPEC oil output despite a collapse in prices. Saudi Arabian Oil Minister Ali al-Naimi said he expected oil to stabilize itself eventually. US crude was unchanged, at 74.09 dollars a barrel. Oil prices have dropped by a third since June and some OPEC members have called for the cartel to reduce production sharply. Predictions for the OPEC meeting range from a large output cut to no action at all. Iran today said that OPEC needed to show unity in the face of growing oversupply in oil markets.

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