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Oil gained for a second session as expectations waned that OPEC and its allies will allow the market to become oversupplied. West Texas Intermediate rose to settle above $75 a barrel, rebounding from the four-month lows it hit earlier in the week after OPEC+ decided to start adding some supply to the market in October. Ministers have since reiterated that ...
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Singapore-based oil and commodities trading powerhouse Trafigura Group has posted the smallest profit since the 2020 oil crisis as volatility in energy markets hit new lows. Trafigura’s net profit dropped to $1.47 billion in the six months through March, good for a 73% decline from a record $5.5 billion posted a year earlier. The company’s revenue fell 5.4% ...