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Oil Dawdles Near $50 as Market Yawns at Efforts to Whittle Glut

  • Producers may need to do more to restore stability: Barkindo
  • Saudi Aramco said it will cut November crude allocations
Updated on

Oil crept toward the $50-a-barrel mark after OPEC’s chief dangled the possibility of prolonging supply curbs well into next year.

Oil producers led by Saudi Arabia and Russia are succeeding in shrinking a worldwide glut of crude, yet may need to take further steps to sustain the effort, OPEC Secretary-General Mohammad Barkindo said. The Saudi’s state-owned oil company announced the “deepest customer allocation cuts in its history,” a reference to how much oil it intends to ship next month. Futures fluctuated in a 66-cent range amid light volume on the U.S. Columbus Day holiday.