Oil gains after monthly Saudi output shows surprise drop | Reuters:
Oil rose on Monday after Saudi crude production registered an unexpected decline in July and U.S. drilling appeared to slow, although the price is still almost 10 percent below its 2018 high of more than $80 a barrel.
Markets also anticipated an announcement from Washington later on Monday on renewed U.S. sanctions against major oil exporter Iran. So-called “snapback” sanctions are due to be reinstated at 12:01 a.m. EDT on Tuesday, according to a U.S. Treasury official.
Saudi Arabia pumped around 10.29 million barrels per day (bpd) of crude in July, two OPEC sources said on Friday, down about 200,000 bpd from a month earlier.
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