Oil prices slipped toward $78 per barrel ahead of Opec’s Nov. 27 Vienna meeting as market confidence that an output cut would be agreed began to evaporate. Officials from Opec countries Saudi Arabia and Venezuela met with representatives from non-Opec producers Russia and Mexico for 90 minutes on Tuesday but failed to agree on any concrete action to try and halt the $40/bbl slide in oil prices since June. Oil prices are now below what most Opec producers need to balance their budgets. Opec linchpin Saudi Arabia has so far appeared reluctant to endorse a big cut.
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