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Saudis May Ease Oil Cuts Sooner Than Market Thinks, Rapidan Says
Saudi Arabia may be getting closer to declaring its oil-market mission accomplished than traders realize, according to Rapidan Energy Group. Riyadh has propelled Brent crude toward $100 a barrel by slashing production just as global fuel demand hit record levels. That may soon be enough for the kingdom to start reviving output again, rather than risk a further price surge that damages the economy, according to Rapidan. Traders are underestimating “that the Saudis will take their foot off the break sooner,” Bob McNally, the consultant’s president and a former White House official, told Bloomberg television on ... (full story)