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Oil rises as Saudi pledges to limit crude exports, Nigeria OKs output cap

Published 07/24/2017, 07:41 AM
© Reuters.  Oil rises as Saudi pledges to limit crude exports, Nigeria OKs output cap
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  • Crude oil prices turn higher, erasing earlier losses, after Saudi Arabia pledges to cut its exports and Nigeria says it will limit its production at 1.8M bbl/day; U.S. crude now +0.7% at $46.08/bbl, Brent +0.8% at $48.48.
  • Saudi Energy Minister Khalid al-Falih says his country will cap crude oil exports at 6.6M bbl/day in August, nearly 1M bl/day below year-ago levels.
  • Al-Falih says at today's meeting in St. Petersburg that the key goal is to drive down inventories to a five-year average, and that OPEC and its non-OPEC partners were committed to extending their existing 1.8M bbl/day supply deal beyond next March if necessary.
  • OPEC press release
  • ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILK, WTIU, OILX, WTID, USOI
  • Now read: Crude Oil Market Shows Signs Of Rebalancing

Original article

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