Friday 29 Mar 2024
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SEOUL (Dec 23): U.S. crude futures edged up on Tuesday on expectations that a recent slump in prices could prompt demand, but gains were capped as Saudi Arabia urged its fellow OPEC members not to cut oil output at any price.

FUNDAMENTALS

* U.S. crude's front-month contract had risen 35 cents to $55.61 a barrel by 0107 GMT, after settling down $1.87, or 3.3 percent, at $55.26 a barrel in the previous session.

* Brent gained 14 cents to $60.25 a barrel. It had closed down $1.27, or 2 percent, at $60.11 a barrel after touching an intraday low of $59.84.

* Saudi Arabia convinced its fellow OPEC members that it is not in the group's interest to cut oil output however far prices may fall, the kingdom's oil minister Ali al-Naimi said in an interview with the Middle East Economic Survey (MEES).

* Naimi also said on Sunday that the country would not cut output to prop up oil markets even if non-OPEC nations did so, in one of the toughest signals yet that the world's top petroleum exporter plans to ride out the market's slump.

 

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