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LiveSquawk has recently reported that an OPEC delegate claimed that OPEC members and non-OPEC producers were still discussing four possible scenarios for a possible output hike. Discussions include 1 million, 1.5 million, and 1.8 million increase in production.

Also recently, Iran’s oil minister said that he didn’t think that they would be able to reach an agreement on output increase.

Crude oil prices reacted negatively to these developments and the barrel of West Texas Intermediate lost more than 40 cents to $65.55.