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Oil slips as higher OPEC supply, Saudi price cuts offset Mideast worries
Oil prices dipped in early trade on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output, offsetting worries about escalating geopolitical tensions in the Middle East. Brent crude fell 9 cents, or 0.1 per cent, to $78.67 a barrel by 0057 GMT, while U.S. West Texas Intermediate crude futures shed 10 cents, or 0.1 per cent, to $73.71 a barrel. Both contracts climbed more than 2 per cent in the first week of 2024 after investors returned from holidays to focus on geopolitical risks in the Middle East following attacks by Yemeni Houthis on ships in the Red Sea. U.S. Secretary of State Antony ... (full story)