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U.S. oil prices take sudden turn lower after a report over Saudi Arabia's 'readiness' to boost output

U.S. benchmark oil futures took a sudden turn lower past due Tuesday morning, shedding more than a buck from highs above $75 within the span of less than half an hour. Some investors and analysts on Twitter attributed the transfer to a record from Al Arabiya that Saudi Arabia has affirmed its "readiness" to make use of its spare oil manufacturing capability to deal with market balance. There's also unconfirmed speculation of a possible free up of oil from the U.S. Strategic Petroleum Reserve. August West Texas Intermediate crude CLQ8, -Zero.07% used to be down 34 cents, or Zero.five%, to $73.60 a barrel at the New York Mercantile Exchange.

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Oil prices settle upper in unstable industry as investors weigh provide potentialities

Oil futures settle upper Tuesday after a unstable buying and selling consultation, as investors weigh potentialities for crude provides against a backdrop of output disruptions in Libya and Canada and expectations for upper output from Saudi Arabia and Russia.