Oil posted a sixth straight weekly gain, the longest winning streak in more than a year, after the OPEC+ heavyweights extended the cuts and US stockpiles sank by a record. Russia also pledged to reduce its exports. The move comes after the kingdom, the world’s biggest oil exporter, extended a unilateral supply cut into September and said it could be prolonged further or even deepened. The producer was expected to raise pricing by 50 cents a barrel, according to the median of a survey of refiners and traders. State-owned Saudi Aramco raised the price for Arab Light crude for sale to Asia by 30 cents to $3.50 a barrel above the benchmark, according to a price list seen by Bloomberg. (Bloomberg) - Saudi Arabia raised nearly all oil prices for September to Asia and Europe as supply restrictions and rising demand tightens the crude market.
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