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Oil Edges Up Above $46 as Saudi Arabia Sees Supply Glut Easing

  • Crude stockpiles to fall faster over coming months: Al-Falih
  • EIA sees U.S. shale-oil output in July rising to record
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Oil Extends Gains as Saudis See Global Glut Drop

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Oil edged up following its plunge last week after Saudi Arabia and Russia said crude markets will rebalance.

Futures rose 0.6 percent in New York after Saudi Energy Minister Khalid Al-Falih said inventories are declining and reductions will accelerate in the next three to four months. Still, the price increase didn’t come close to recovering the 3.8 percent loss last week as investors focused on soaring U.S. stockpiles.