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Oil prices drop after a week of decline

NEW YORK, Jan. 30 (Xinhua) — Crude oil prices fell on Monday, adding to losses suffered last week.

West Texas Intermediate (WTI) for March delivery fell US$1.78 (2.23%) to settle at US$77.9 a barrel on the New York Mercantile Exchange. Brent crude for March delivery fell his $1.76, or 2.03%, to close at $84.9 a barrel on the London ICE futures exchange.

The move came as key ministers from members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies (collectively OPEC+) are scheduled to hold a virtual meeting on Wednesday.

Traders were also waiting for interest rate decisions from the major central banks as the US Federal Reserve (Fed) kicked off its two-day policy meeting on Tuesday and the European Central Bank will meet on Thursday.

In the trading week ending January 27th, WTI was down 2.4% while Brent was down 1.1%. Oil prices drop after a week of decline

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