Middle East crisis: A worker looking at the al-Shuaiba oil refinery in southwest Basra, Iraq. The Middle East countries’ diplomatic spat with Qatar is not expected to affect the output of Opec oil greatly as Qatar is only a small oil producing country. – Reuters See page 2
KUALA LUMPUR: Oil erased earlier gains as a diplomatic clash involving Opec members Saudi Arabia and Qatar was seen having limited impact on the group’s policy.
Futures slipped 0.6% in New York, erasing an earlier gain of 1.6%. Saudi Arabia, Bahrain, the United Arab Emirates and Egypt said they will suspend air and sea travel to and from Qatar, escalating a crisis that started over its relationship with Iran. The nation still has access to shipping routes to deliver oil and gas to buyers around the world.
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