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Oil prices fall to lowest since January despite Saudi-backed production cut

The price decrease could be worrisome for Saudi Arabia and its investment plans.
A man walks past OPEC headquarters on the eve of the 45th Meeting of the Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting held Oct. 5, 2022, in Vienna, Austria.

Oil prices have fallen to a yearly low, despite a recent production cut supported by Saudi Arabia and Russia. 

The price of Brent crude oil fell to $77.17 a barrel on Wednesday, the lowest price since the $78.98 recorded Jan. 3. Prices stayed around there on Thursday, and stood at $77.05 at around 1 p.m. ET, according to market data. 

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