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Oil Posts Biggest Two-Day Gain in 6 Weeks as Saudis Make Cuts

  • Saudis cut production to less than 10 million barrels a day
  • Russia ready to discuss export monitoring, minister says
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Scaroni: Oil in $50-$60 Range Next Couple of Years

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Oil climbed, posting the biggest two-day gain in almost six weeks, after Saudi Arabia said it cut production even more than required by an OPEC deal.

Futures increased 1.5 percent in New York as Saudi Arabian Energy Minister Khalid al-Falih said the kingdom reduced output to less than 10 million barrels a day, going beyond its obligations under an accord between OPEC and other producers to curb production. Energy Information Administration data on Wednesday showed that U.S. refineries used 17.1 million barrels a day of crude last week, the most in weekly data compiled since 1989. Crude output rose to the highest level since April and the dollar weakened.