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Crude Oil Stuck Below $50 As OPEC Meets

Crude oil futures nudged lower Tuesday as OPEC gathered to discuss its supply quota plan.

Analysts say the cartel may announce deeper production cuts in order to sustain above $50 a barrel.

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

Still, markets remain over-supplied for the near term, keeping oil's rally in check.

WTI oil for September delivery dropped 0.5% to settle at $49.17/bbl, unable to hold the $50 mark.

The number of job openings surged to a record 6.2 million in June, the Bureau of Labor Statistics announced Tuesday.

The Federal Reserve may raise interest again this year as long as the economy holds up.

by RTT Staff Writer

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