Oil edges higher as Saudi output cut overweighs weak Chinese export data; check details
On the Multi Commodity Exchange (MCX), crude oil futures due for a June 16 expiry, was last trading higher by 0.99 per cent at ₹5,998 per bbl.
Oil prices edged higher on June 7 as Saudi Arabia's surprise weekend pledge to deepen output cuts outweighed weak Chinese export data and rising US fuel stocks. Saudi Arabia, the world's top oil exporter, will make deep production cuts of 1 million barrels per day (bpd) starting from July, as part of a broader output-limiting OPEC+ deal as the oil producing cartel faces flagging oil prices and a looming supply crunch.
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