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  • 10-06-20

    Oil recovers from 5 percent decrease after Saudis end voluntary cut

    (MENAFN)

    Crude oil prices were up on Tuesday, June 9th, and regaining from more than a 5 percent decline from the last trading session when Saudi Arabia declared it would terminate its voluntary crude production cut this June.

    The global benchmark fell 5.8 percent to close Monday at 40.80 U.S. dollars per barrel, having traded at 41.21 U.S. dollars a barrel at 0602 GMT for a 1 percent gain.

    American standard West Texas Intermediate (WTI) lost 5.4 percent to close on Monday at 38.19 U.S. dollars a barrel, from trade at 38.67 U.S. dollars per barrel at the same time for a 1.2 percent increase.

    Saudi Arabia, OPEC's de facto leader, and the world's largest crude exporter said on Monday, June 8th it would end the voluntarily controlling of its oil production by the end of this month.

    "Voluntary cut served its purpose and we are moving forward," Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman stated Monday in an OPEC+ press conference held via webcast.

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