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0 R1 C% e( w+ A( Z1 bOutput from the Organization of the Petroleum Exporting Countries (OPEC) in July reached its highest monthly level in recent history, according to a Reuters survey on Friday. This has raised concerns of oversupply with the news agency also reporting Monday that Saudi Arabia is expected to raise its prices for its light crude by around $1 a barrel - a move that is likely to hurt demand.1 O- v! w9 R' h1 ^% c
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Meanwhile, U.S. shale rigs also continue to see a slight rebound with Baker Hughes data on Friday showing a higher rig count for a second week in a row. Sentiment has also taken a hit, with net long positions on WTI declining last week, according to the U.S. Commodity Futures Trading Commission. |
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