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World Oil Prices Rise on Rumor of Saudi Production Cut

Energy market watchers credit an increase in oil prices to rumors of a possible production-cut deal that would include Saudi Arabia, other OPEC nations and Russia. The average oil price had dipped well below $30 a barrel recently, but is now around $31. The rumor that has been circulating in oil markets around the world this week involves a possible deal between Saudi Arabia, other oil-producing states in the same region and Russia. The Saudis would be key, though, because of the desert...

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