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Oil claws back some losses; US crude set for steepest fall in a year

AMSTERDAM: Oil prices rose 1 percent on Thursday, clawing back some of the losses made a day earlier, but US crude is on track for the steepest monthly losses in more than a year on demand concerns after floods knocked out a quarter of US refining capacity. Prices also rallied in the oil products markets, with US gasoline futures RBc1 hitting a two-year high above $2 a gallon, buoyed by fears of a fuel shortage just days ahead of the Labor Day weekend that typically brings a surge in driving. Hurricane Harvey, which…

Tired of cheap oil, Saudis eye price boost to drive Aramco IPO

DUBAI/LONDON: Two years after triggering an oil price war, Saudi Arabia has seemingly had enough of cheap crude amid budget pressures, fear of a future supply shortage, and as it seeks to offload a stake in state-owned producer Aramco. The change in tone comes as OPEC and other producers such as Russia may resume talks on stabilizing output when they meet in Algeria later this month, after a similar effort to boost oil prices collapsed in April due to Saudi-Iranian tensions. "The Saudis are going to Algeria for a…

Oil nears $50 as US inventories fall

SINGAPORE CITY: Oil prices edged towards $50 a barrel in Asia Wednesday after a larger-than-expected dip in US stockpiles resulting from wildfires that have disrupted oil production in Canada.