Oil Prices Remain Steady As Traders Brace For Tighter Supply ...Middle East

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Oil Prices Remain Steady As Traders Brace For Tighter Supply
Crude oil prices were little changed at the start of the week—and the second half of the year—as traders brace up for tighter supply. Saudi Arabia will this month reduce its oil output by 1 million barrels daily. It remains to be seen if it will extend the reduction beyond July but expectations are that the July cuts will have a supportive effect on prices. According to Bloomberg, some expect the cut to be extended through August as well, which would additionally buoy prices. Demand, however, remains a cause for worry and a cap on prices.…

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