Crude Advances After Saudi Restraint Sparks Renewed Supply Fears - Bloomberg:
Crude closed at the highest in a week after Saudi Arabian production cuts heightened concerns about tightening worldwide supplies.
Futures in New York advanced 0.8 percent on Monday. OPEC’s largest producer curbed output last month, according to OPEC delegates, despite Energy Minister Khalid al-Falih pledge to add about 1 million barrels to forestall any shortages. Labor strikes also resumed in the North Sea, fueling worries about an additional supply hitch.
“Reports that the Saudi output in July had dropped, seemed to catch a bid in the market,” said Gene McGillian, manager of market research at Tradition Energy.
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