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NEW YORK – Concern about the global economy dampened the oil market’s reaction to Saudi Arabia’s pledge to cut supplies and has capped prices this year, a Chevron CVX.N executive told Reuters on Thursday.

Oil market yawned over Saudi cut as economic concerns cap prices -Chevron exec- oil and gas 360

Source: Reuters

Benchmark Brent LCOc1 crude prices were just below $76 a barrel on Thursday, little changed from where they were before Saudi Arabia announced on Sunday it would cut 1 million barrels per day from supply in July and possibly beyond.


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