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Oil gains amid push by Saudi Arabia for further supply cuts

“The oil tanker ‘Devon’ prepares to transfer crude oil from Kharg Island oil terminal to India in the Persian Gulf, Iran, on March 23, 2018” reports cnbc.com. “The question is what they are going to do after the Aramco IPO and that creates uncertainty for the oil prices,” Yang said.Oil prices rose on Tuesday, as OPEC and its allies discuss whether to deepen a supply cut pact ahead of meetings this week, although prospects after Saudi Arabia’s planned listing of Aramco fueled uncertainty for traders, limiting gains.Concerns about the inability of the United States and China, the world’s two biggest oil users, to reach a preliminary deal to resolve their 17-month trade dispute also weighed on oil prices, along with discouraging U.S. economic data.
 
Source: cnbc.com



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