SINGAPORE, July 16 (Reuters): Oil gained 2.5% on Friday night (July 15) after a US official told Reuters that an immediate Saudi oil output boost was not expected, and as investors question whether OPEC has the room to significantly ramp up crude production.
The comment during US President Joe Biden's Middle East visit comes at a time when spare capacity at members of the Organization of the Petroleum Exporting Countries (OPEC) is running low.
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