Oil Prices Rise After Producers Announce New Increase in Output
In a show of confidence in the market, the group, led by Saudi Arabia, said it would begin unwinding a further set of agreed cuts.
Oil prices rose strongly on Monday even though a group of eight oil-producing countries announced on Sunday that they would be increasing supplies.
The countries, led by Saudi Arabia, said in a news release that they would increase production by 137,000 barrels a day, beginning in October.
Although the new planned increase amounts only to a fraction...
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