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Crude Oil Clings To $49 As Saudis Dig In

Crude oil futures were steady Tuesday morning, holding recent gains after OPEC giant Saudi Arabia further signaled its determination to re-balance oil markets.

Saudi Arabia will cut crude oil allocations to its customers worldwide in September by at least 520,000 barrels per day, Reuters reported.

OPEC is trying to end the global supply glut by cutting supplies, but cash-poor members fear losing market share to the U.S. and Canada, leaving Saudi Arabia to do much of the heavy lifting.

WTI light sweet crude oil was up 3 cents to $49.40 a barrel.

Traders will look to the weekly report on US crude oil inventories by the American Petroleum Institute due later in the day.

by RTT Staff Writer

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