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Oil Rebounds After Weekly Slump as Saudi Arabia Jacks Up Prices
Oil rose after the biggest weekly drop since February after OPEC+ kingpin Saudi Arabia hiked selling prices for grades to Asia for the third month in a row, signaling confidence in the outlook as the cartel cuts supply. Brent crude climbed above $83 a barrel after a 7.3% drop last week, with West Texas Intermediate at more than $78. State-owned Saudi Aramco raised the June official selling price of Arab Light by 90 cents to $2.90 a barrel above the Oman-Dubai benchmark, according to a price list seen by Bloomberg. That compares with an increase of 60 cents forecast in a Bloomberg survey. Oil tumbled last week as ... (full story)