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Oil holds above USD 100 as traders weigh tight market, OPEC+ limits

Oil stayed above USD 100 a barrel following the biggest one-day advance since May.

Photo: Todd Korol/Reuters/Ritzau Scanpix

Oil held above USD 100 a barrel after posting the biggest one-day advance since May as fears of a tightening market rattled traders.

West Texas Intermediate eased, but retained the bulk of Monday’s rise of more than 5%. That surge came after Saudi Arabia declined to commit to output increases following a visit by US President Joe Biden, and a disruption along the Keystone pipeline cut shipments of some Canadian oil to US refiners.

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