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Saudi Cut Fails to Move Markets

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Saudi Arabia's surprise 1 million barrel per day July production cut barely moved oil markets, which are still more concerned with the state of global buying. “Market players are not buying into the [looming oil supply] deficit story, nor are they convinced by China’s revival," concluded PVM Oil analyst Stephen Brennock. Rumors of a new US-Iran nuclear deal, which could unleash more Iranian oil onto the market, hit prices late in the week before Washington denied the claims.

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