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Oil price goes back above US$80 a barrel

Last updated: 00:40 22 Nov 2014 AEDT, First published: 01:40 22 Nov 2014 AEDT

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The oil price nudged up over the US$80 dollar a barrel mark, not seen for over a week, as speculation mounts over the outcome of next week's meeting of OPEC in Vienna.

A growing number of members within the all-important cartel representing the major oil exporting nations are calling for a cut in output to shore up falling prices.

The black stuff has fallen by around 30% since the middle of June this year.

Its being reported that some traders and analysts are expecting to see a cut of up to 500,000 barrels a day taken off OPEC quotas.

Brent crude is up 1.63% at US$80.62 at the time of writing.

In the futures market, the price of West Texas Intermediate crude for delivery in January next year, is up 0.97% to US$76.81.

However, US heavyweight bank Citi is reported as saying that  OPEC action is little more than a "remote possibility".

Saudi will be a key player in procedings not least as it is the de facto leader of the group, and largest exporter.

Many commentators are also saying they expect volatility of pricing to continue for some time- not least due to speculation on a deal on Iran's nuclear programme, which could see sanctions being lifted on Iran.

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