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Oil Prices Continue to Recover; U.S. to Drive Global Oil Supply Growth, IEA Says

Oil prices continued to recover on Tuesday, lifted by comments from Saudi Energy Minister Khalid al-Falih that the desert kingdom will extend the deep supply cuts it has been carrying out on its oil.

U.S. Crude Oil WTI Futures gained 0.5% to $57.06 a barrel by 12:26 AM ET (04:26 GMT).

Meanwhile, International Brent Oil Futures were up 0.4%, at $66.81 a barrel.

A Saudi official told Bloomberg on Sunday that the kingdom’s crude exports in April will be under 7 million barrels per day. That will be some 30% below the production ceiling of 10.311 million bpd that Saudi Arabia and its allies under the enlarged OPEC+ group agreed to in December to rebalance the market.

An end to the kingdom’s supply cuts, or for that matter OPEC’s, would be unlikely before June, al-Falih added.

Oil prices were also boosted by reports over the weekend that the U.S. and China, the world’s two largest oil-consuming nations, have agreed on many crucial issues in the latest trade talks and have held meaningful discussions on foreign exchange.

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