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Oil prices rising after Saudi Arabia decision

Oil prices rose slightly on Tuesday after Saudi Arabia said it would make significantly reduce oil exports in July, although the increase in U.S. inventories continues to weigh on the market.

Brent crude futures were at $48.64 a barrel higher by 35 cents, while U.S. light crude was at $46,38 a barrel, up 30 cents.

Saudi Arabia representatives said that they are making a real reduction, to 300 000 barrels per day to Asia in July, although some Asian refiners said that they get full raw materials.

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