Oil climbs as Saudi Arabia warns of Opec output cuts


OIL rose on Tuesday as renewed concerns over tight supply dominated market sentiment after Saudi Arabia warned that the major oil producer could cut output to correct a recent oil price decline.

Brent crude gained 42 cents, or 0.4%, to $96.90 a barrel by 0630 GMT, after a choppy session on Monday when they dropped by more than $4 before paring losses to trade near flat. It advanced by $1 a barrel in early Asia trading hours.

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Oil and gas , Brent , WTI , Opec , Saudi Arabia

   

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