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Oil Prices Dip Before OPEC+ Meeting

Oil prices fell on Friday ahead of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, next week.

Benchmark Brent crude declined 0.85 percent to $62.73 a barrel, while West Texas Intermediate (WTI) futures were down 0.3 percent at $57.95 a barrel.

Russian oil companies proposed on Thursday not to change their output quotas as part of the current global supply cut deal, putting pressure on OPEC+ to avoid any major shift in the policy.

U.S.-China trade tensions also remained on investors' radar amid worries that tensions between the U.S. and China over Hong Kong could delay a potential "phase one" trade deal.

The editor of China's state-backed Global Times tabloid said in a tweet that China is considering to put the drafters of the Hong Kong Human Rights and Democracy Act on the no-entry list, barring them from entering the Chinese mainland, Hong Kong and Macao.

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