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Crude Oil Above $47 On Supply Quota Talks

Crude oil futures nudged higher Monday morning as Saudi Arabia said it is open to another supply quota extension.

Saudi Arabia and Venezuela are prepared to make cuts "beyond the first quarter of 2018, if needed," the Saudi ministry said in one of the statements. An extension "would be considered in due course as market fundamentals may dictate."

Crude oil was up 20 cents at $47.65 a barrel. A number of refineries remain offline after Hurricane Harvey.

by RTT Staff Writer

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