New York — Oil rose around 1% on Monday, after leading Opec producer Saudi Arabia pledged to cut exports in August to help reduce the global crude glut, and Halliburton Co’s executive chairman said the US shale drilling boom would probably ease next year. Saudi Energy Minister Khalid al-Falih said his country would limit crude oil exports at 6.6-million barrels per day (bpd) in August, almost 1-million bpd below levels a year ago. The Russian Energy Minister Alexander Novak also told reporters that an additional 200,000 barrels per day of oil could be removed from the market if compliance with a global deal to cut output was 100%. Brent crude futures were up 46c or .97% to $48.52 a barrel by 3.55pm GMT US West Texas Intermediate (WTI) crude futures were up 49c or 1.1% to $46.26 a barrel. The Saudi and Russian energy ministers were in St Petersburg for a gathering of the Organisation of the Petroleum Exporting Countries and some other producers. Ministers discussed their agreement to...
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