Oil prices rose after Saudi Arabia said it would cut oil production by 1 million barrels per day. See potential bias and similarities in coverage from CNNBusiness, thehill and DailyCaller: SaudiArabia Oil
Oil prices rose Monday after Saudi Arabia said it would slash output by another one million barrels per day for at least a month starting in July as part of an effort by OPEC+ producers to shore up crude prices.
At 5.30 a.m. ET, Brent crude, the global benchmark, was trading up 2.3% at nearly $78 a barrel, while WTI, the US benchmark, rose 2.4% to $73.50. Gasoline futures were up 1.5%, but the average US pump price for a gallon of regular unleaded gas was unchanged at $3.55.
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Saudi Arabia to cut oil output by 1 million barrels per day to boost slumping pricesSaudi Arabia says it will reduce how much oil it sends to the global economy. It’s taking a unilateral step to support the sagging cost of crude after two earlier cuts in supply by major oil-…
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Saudi Arabia cuts oil output by 1 million barrels per day to boost sagging pricesSaudi Arabia said Sunday that it will reduce how much oil it sends to the global economy, taking a unilateral step to support the sagging cost of crude after two earlier production cuts by members of the OPEC+ alliance of major oil-producing countries failed to push prices higher.
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