Oil prices edge higher as Saudi output cut outweighs bearish backdrop

Oil prices edged higher on Wednesday as Saudi Arabia’s surprise weekend pledge to deepen output cuts outweighed weak Chinese export data and rising U.S. fuel stocks. Brent crude futures were up 36 cents, or 0.5 per cent, at $76.65 a barrel by 0949 GMT while U.S. West Texas Intermediate crude…

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