Business Oil Prices: Saudi Arabia's Cuts Extends Nigeria's Lifeline

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Crude oil price extended gains toward $47 a barrel as Saudi Arabia promised deep cuts to crude exports next month to help ease a global glut.

U.S. crude stockpiles probably fell for a fourth week through July 21, according to a Bloomberg survey data Wednesday.

Oil remains in a bear market amid concern rising global output will offset curbs by members of the Organization of Petroleum Exporting Countries and its allies.

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Nigeria and Libya, exempt from the deal to reduce supply, will be allowed to continue boosting production to their desired levels, Al-Falih said after a technical committee meeting tasked with monitoring compliance to cuts.

West Texas Intermediate for September delivery gained as much as 36 cents to $46.70 a barrel while Brent for September settlement climbed as much as 36 cents, or 0.7 percent, to $48.96 a barrel on the London-based ICE Futures Europe exchange.

Prices rose 54 cents, or 1.1 percent, to $48.60 on Monday.
 
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