Crude oil closes near four-month highs on news Saudi Arabia cut oil output nearly 5% last month...


Crude oil closes near four-month highs on news Saudi Arabia cut oil output nearly 5% last month to just over 9M bbl/day, well off highs above 10M reached during 2012 and the country's deepest production cut in almost three years. As demand for OPEC crude falls, the Saudi cut shows the kingdom "still wants to have, and does have, the role as the swing producer in the market."

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