Oil ends lower as OPEC+ meeting on output to reconvene Tuesday

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Oil futures ended lower on Monday after the Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, failed to reach an agreement on production policy and said they plan to resume talks on Tuesday. The majority of OPEC+ favor a rollover of current output levels, but Russia and Kazakhstan want to see an increase of 500,000 barrels per day in February, according to a tweet from Amena Bakr, deputy bureau chief and chief OPEC correspondent at Energy Intelligence. February West Texas Intermediate crude fell 90 cents, or nearly 1.9%, to settle at $47.62 a barrel on the New York Mercantile Exchange.
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