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Oil prices edge up as Saudis limit exports to Asia, U.S

Reuters  |  NEW YORK 

By David GaffenNEW YORK (Reuters) - Oil prices edged higher on Tuesday after OPEC detailed supply cuts around the world, but the cartel also said overall production rose in May, and crude stayed well below $50 a barrel despite the modest recovery.Benchmark Brent crude was 28 cents higher at $48.57 a barrel as of 1:53 p.m. EDT (1753 GMT), while U.S. light crude was up 21 cents to $46.29 a barrel.The world's top exporter Saudi Arabia outlined cuts to customers in July that included a reduction of 300,000 barrels per day (bpd) to Asia as well as deeper cuts in allocations to the United ...

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First Published: Wed, June 14 2017. 00:20 IST
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