Oil edged lower as traders weighed the outlook for supply and demand after Saudi Arabia’s surprise pledge for extra supply cuts.
As they stepped hand in hand from OPEC’s headquarters into the Vienna sun on Saturday, the group’s two Gulf heavyweights signaled that a long rift was over.
Oil advanced at the week’s open after Saudi Arabia said it will make an extra 1 million barrel-a-day supply cut in July, taking its production to the lowest level for several years following a slide in prices.
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