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Oil gains as inventory overhang erodes and Saudi cuts exports

Reuters  |  LONDON 

By Amanda CooperLONDON (Reuters) - Oil prices rose on Thursday, lifted by a sustained decline in inventories and as Saudi Arabia prepared to cut crude supplies to its prized Asian customers.Crude is down nearly 7 percent so far this year, suppressed in large part by concern that OPEC and its partners may not be able to force global oil inventories to drop by cutting production.Saudi Arabia said on Tuesday it would cut supplies to most buyers in Asia - the world's biggest oil-consuming region - by up to 10 percent in September.Brent crude futures were up 74 cents at $53.44 a barrel by 1303 ...

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First Published: Thu, August 10 2017. 18:48 IST
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