Oil rallies as Saudi Arabia and Russia cut August exports
of one million barrels per day for another month to include August, the state news agency said.reduce its oil exports
Both Riyadh and Moscow have been trying to prop up prices. Brent has dropped from $113 per barrel a year ago, sent lower by concerns of an economic slowdown and ample supplies from major producers. "Investors are turning upbeat as the second half of the year kicks off; they expect tighter oil balance and buoyant equities also suggest that recession will be avoided, albeit probably narrowly," said PVM analyst Tamas Varga.
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