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Oil trades near US$69 as signs of higher supply offset Iran fears


SEOUL: Oil traded near $69 a barrel on signs of increased drilling by American producers and investor optimism that Saudi Arabia and Russia will fill in potential supply losses from Iran.

Futures were little changed in New York, after gaining 0.6 percent on Friday. Shale explorers added last week the most oil rigs in a month as a pipeline bottleneck in the busy U.S. Permian Basin is encouraging drilling in other areas. Meanwhile, Russian Energy Minister Alexander Novak and his Saudi Arabian counterpart Khalid al-Falih met in Moscow Saturday to confirm their willingness to stabilize prices and react to any changes in the market.

Oil & Gas

   

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