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Oil Rises as Saudis Pledge Deep Export Cuts, Shale Boom Slows

Oil Rises as Saudis Pledge Deep Export Cuts, Shale Boom Slows

By Gil Gutkencht 25 July, 2017

Oil rose as Saudi Arabia promised deep cuts to crude exports next month while the U.S. shale boom showed signs of slowing.

Futures in New York added 1.8 percent, the biggest gain in almost a week. Saudi Arabia will cap shipments at 6.6 million barrels a day in August, 1 million lower than a year earlier, said Energy and Industry Minister Khalid Al-Falih. In the U.S., Halliburton Co. and Anadarko Petroleum Corp. signaled that the investment in shale fields may finally be succumbing to the oil price slump.

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