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Oil price volatile on supply/demand news
The Brent oil price is holding above the $75 per barrel (bbl) level after rallying on Monday, being pulled two ways by supply cuts and slowing demand. Saudi Arabia announced that it would extend its 1 million barrel per day (bpd) production cut into August. Immediately after that, Russia surprised markets with its announcement that it would impose export restrictions on its crude, with exports expected to fall by 500,000 bbd. Although there is no OPEC+ production meeting this week, there will be a conference in Vienna this week with speakers including the Saudi Energy Minister Prince Abdulaziz bin Salman, reported to ... (full story)