Tag: oil output

Oil steadies near three-week high on signs of tighter supply

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Oil falls

LONDON: Oil prices steadied on Monday, holding close to their highest level in three weeks, as investors eyed further U.S. sanctions on Russia that may affect global supplies, while tariff uncertainty weighed. Brent crude futures rose 16 cents, or 0.2%, to $70.52 a barrel by 1326 GMT, while U.S. West Texas Intermediate crude futures climbed 12 cents, also 0.2%, to $68.57. Higher crude imports by China and expectations around U.S. President Donald Trump’s announcement on Russia are supporting prices, UBS analyst Giovanni Staunovo said. “There is still a perceived tightness…

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OPEC+ set to make another accelerated oil output hike on Saturday, sources say

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Oil prices

LONDON: Eight OPEC+ countries are likely to make another accelerated oil output increase for August at a meeting on Saturday, sources from the producer group told Reuters, as they seek to regain market share. The group, which includes Saudi Arabia, Russia, the UAE, Kuwait, Oman, Iraq, Kazakhstan and Algeria, is expected to agree to an increase of 411,000 barrels per day for August, several sources told Reuters, speaking on condition of anonymity. If agreed, OPEC+ would have increased supply targets by about 1.78 million bpd, or 1.5% of global oil…

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