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Oil advances after weekly slump as Saudi Arabia jacks up prices

After a drop last week due to reduced geopolitical risk in the Middle East, oil is now increasing as Saudi Arabia raises the price of its Arab Light grade.

Photo: Isaac Urrutia/Reuters/Ritzau Scanpix

By Yongchang Chin, bloomberg news

Oil advanced after a weekly drop as Saudi Arabia hiked prices for grades to Asia for the third month, signaling confidence in the outlook with the OPEC+ cartel cutting supply.

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