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Brent oil scores lift from Saudi price rise, China optimism, while U.S. crude weighed by rising coronavirus cases

July 6, 2020

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Crude-oil futures on Monday were trading mixed, with the U.S. oil moves influenced by a evidence of growing cases of coronavirus and Brent at least partly lifted by enthusiasm over the perceived recovery from the pandemic in China.

Brent, the international benchmark oil, also was supported by Saudi Arabia’s decision to raise the premium of its benchmark grade crude, and all other grades, by a $1 a barrel, according to Reuters, citing people familiar, representing the third straight price increase by one of the biggest exporters of oil and the most influential member of the Organization of the Petroleum Exporting Countries.

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