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Oil prices fall following Saudi-backed OPEC+ production cut

The decrease in production could be a message from Saudi Arabia to the US over the Iran nuclear deal.
A general view of Saudi Aramco's Abqaiq oil processing plant on Sept. 20, 2019.

Oil prices have increased and decreased over the past two days in response to oil producers announcing a big production cut. 

What happened: The price of Brent crude — considered the global benchmark for oil prices — fell more than 3% on the day to less than $93 per barrel as of 2:20 pm ET. Yesterday, the price increased from around $94 a barrel to nearly $97, according to market data. 

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