Crude Oil Gained After Saudi Arabia Pledged To Make Deep Cuts

Crude oil trading range for the day is 2912-3046.

Crude oil gained after Saudi Arabia pledged to make deep cuts to its crude exports in August in an effort to ease a global supply glut.

Saudi Energy Minister Khalid al-Falih said there would be no discussion of deeper oil output cuts at a meeting of ministers from OPEC and non-OPEC nations.

Ministers from countries including Kuwait, Venezuela, Algeria, Saudi Arabia, Russia and Oman will discuss production caps on Nigeria and Libya, Falih told.

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